BofA will increase its minimum wage to $15 an hour starting early next year [View all]

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Bank of America Tellers, Others to Get Pay Increase

By CHRISTINA Dec. 6, 2016 2:39 p.m. ET

BofA will increase its minimum wage to $15 an hour starting early next year

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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.

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The increases for lower paid workers at big banks have come against the backdrop of a large-scale push nationally to increase the minimum wage. Several cities have increased the minimum wage to $15, although efforts for a similar raise at the federal level have so far failed.

Big banks have also been working for some time to improve their public image, which was badly dented during the financial crisis and housing meltdown.

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http://www.wsj.com/articles/bank-of-america-tellers-others-to-get-pay-increase-1481053176