BofA boosts minimum hourly wage to $25

Core Insights - Bank of America is increasing its minimum wage to $25 per hour, achieving a long-term goal set for 2025, which will raise the annualized salary for full-time employees to over $50,000 [3][7] - Since 2017, the bank's minimum hourly wage has increased from approximately $15 to $25, representing a rise of more than $20,000 [3][7] - Approximately 97% of Bank of America employees have received additional awards, primarily in the form of restricted common stock, totaling close to $5.8 billion since 2017 [4] Company Developments - The announcement of the wage increase coincides with the appointment of Dean Athanasia and Jim DeMare as co-presidents, alongside the promotion of CFO Alastair Borthwick to executive vice president [6] - CEO Brian Moynihan, who has led the bank since 2010, plans to remain with the company until at least the end of the decade [6][7] Industry Context - Bank of America is not alone in raising its minimum wage; BNY Mellon also increased its pay floor to $25 per hour in March, marking the fourth increase in five years, resulting in over a 50% pay rise for its lowest-paid workers since 2021 [5]