Bank of America Corp. (BAC) said Monday it is raising the U.S. minimum wage for hourly employees to $20 from $17, by the end of the first quarter of 2020. Since 2010, the bank has now increased its minimum wage by more than $8 an hour. "As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day," said Chief Human Resources Officer Sheri Bronstein. The stock rallied 1.4% in premarket trading ( ). It has run up 29.1% year to date through Friday, while the SPDR Financial Select Sector ETF (XLF) has advanced 22.3% and the Dow Jones Industrial Average has gained 17.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 04, 2019 09:19 ET (14:19 GMT)
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