Bank of America Corp. (BAC) said Wednesday that it has raised its minimum wage for U.S. employees to $21 an hour, up from hourly minimum of $20 implemented last year. The moneycenter bank said it plans to raise its minimum hourly wage to $25 by 2025. In May, the bank said it started requiring all of its U.S. vendors to pay employees dedicated to the bank at least $15 an hour. "We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company," said Chief Human Resources Officer Sheri Bronstein. BofA's move comes days after BMO Harris Bank, the Chicago-based unit of Bank of Montreal (BMO.T), raised its minimum wage to $18 an hour. BofA's stock, which fell 1.0% in premarket trading, has rallied 10.4% over the past three months through Tuesday, while the SPDR Financial Select Sector ETF (XLF) has gained 6.1% and the S&P 500 has inched up 0.1%.
(END) Dow Jones Newswires
October 06, 2021 09:13 ET (13:13 GMT)
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