Bank of America Raises Hourly Wage to $24 Per Hour

Bank of America has raised its hourly wage to $24, and it has committed to reaching a rate of $25 by 2025.

The company’s newsroom reports that this substantial increase will raise the annualized salaries of its full-time workers to nearly $50,000 at a minimum. The increase applies to all full-time and part-time hourly positions in the U.S.

The company appears committed to helping its employees during challenging economic times. In the last seven years, Bank of America raised the minimum hourly wage from $15 in 2017 to $24 in 2024. This significant rate jump means full-time bank employees’ salaries have increased by nearly $20K.

Sheri Bronstein, Bank of America’s chief human resources officer, stated in the announcement, “Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example.” 

According to its website, the company continues to try to retain its employees by providing generous incentives. These include 16 weeks of paid parental leave, a sabbatical program, and personalized support for employees navigating critical life events through its Life Event Services Team.

To further employee growth, the company also offers opportunities to learn new skills for career advancement. Its Academy at Bank of America provides free education to individuals in local communities to help advance their career growth and success.

Bank of America will increase its minimum hourly wage to $24 next month, taking the next step toward a goal of paying $25 by 2025 that it set seven years ago https://t.co/XBliz9E6OX

— Bloomberg (@business) September 10, 2024

Bank of America serves approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, around 15,000 ATMs), and award-winning digital banking with about 58 million verified digital users. 

NPR reports the company has around 212,000 employees. The wage increase, which is up from the current $23 per hour, will particularly affect tellers and customer-facing employees, such as call center workers.

The U.S. Bureau of Labor Statistics estimates that banks will need to fill some 27,000 teller positions annually for the next decade. Teller employment is projected to decline 15% from 2023 to 2033.