Bank of America Tellers, Others to Get Pay Increase

Labor News

Bank of America’s wage increase will affect employees across the US, including tellers, customer service representatives and workers in technology and operations. PHOTO: RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS

Reprinted from The Wall Street Journal by Christina Rexrode on December 6, 2016.

Bank of America Corp.’s lowest-paid employees are getting a raise.

Bank CEO Brian Moynihan said at a Goldman Sachs financial services conference Tuesday that the bank will increase its minimum wage to $15 an hour starting early next year.

A bank spokeswoman said the bank’s current minimum wage is $13.50. The wage increase will affect employees across the country, including tellers, customer service representatives and workers in technology and operations. The federal minimum wage is $7.25 per hour.

Bank of America’s announcement follows similar moves by two of its rivals. J.P. Morgan Chase & Co. CEO James Dimon announced this summer that his bank would raise wages for 18,000 employees to between $12 and $16.50 per hour. Wells Fargo & Co. in March raised its minimum wage in certain regions to $12 from $11.50. The bank pays up to $16.50 an hour for such positions based on location and experience, a spokeswoman added. …

WSJ 12/6

About Jeffrey Burman 1492 Articles
Jeff Burman represents assistant editors on the Guild’s Board of Directors. He can be reached at jeffrey.s.burman.57@gmail.com.

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