Bank Of America Announces Minimum Wage Bump From Harlem To Hollywood

April 9, 2019

With a number of Bank of America’s in Harlem, Bank of America recently earned a spot on LinkedIn’s annual Top Companies list, has announced that it will be raising its minimum hourly wage to $20 an hour over the next two years.

Starting May 1, the company’s minimum wage will climb to $17 an hour. By 2021, Bank of America plans to have bumped its minimum wage another $3 to $20 per hour.

“If you get a job at Bank of America, you’ll make $41,000” a year, Chairman and CEO Brian Moynihan said in an appearance on the MSNBC show “Morning Joe.” “With the success our company has … we have to share that success with our teammates.”

The company said in a statement that the pay hike is part of its commitment to “being a great place to work,” as well as remaining competitive in the sector reports Consumer Affairs.

Competitive compensation

Earlier this week, LinkedIn released its annual list of the top 50 most sought-after companies to work for, and companies in the financial industry appeared to be making a resurgence. Bank of America, along with fellow banking companies Citi and Wells Fargo, placed among the top 25.

Bank of America earned a spot at number 18, ranking slightly higher than Citi (no. 22) and Wells Fargo (no. 25). LinkedIn said it based its 2019 ranking on job demand, overall interest from job seekers, and the employee retention rate at each company.

Back in 2017, Bank of America raised the minimum wage for its more than 205,000 employees to $15 an hour.

In a statement announcing the most recent pay hike, chief human resources officer Sheri Bronstein said the company is raising its minimum wage “because we believe that to best serve our customers and clients, we need the best teams.”

Other financial institutions have also raised wages in an effort to offer competitive compensation. In January 2018, JPMorgan Chase announced that it planned to boost wages to a minimum of $15 to $18 for 22,000 employees, “depending on the local cost of living.”

Photo credit: Bank of America on 145th Street Google maps.

By submitting this form, you are consenting to receive marketing emails from: Harlem World Magazine, 2521 1/2 west 42nd street, Los Angeles, CA, 90008, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
We're your source for local coverage, we count on your support. SUPPORT US!
Your support is crucial in maintaining a healthy democracy and quality journalism. With your contribution, we can continue to provide engaging news and free access to all.
accepted credit cards

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles