Bank of America raising minimum wage to $20/hr

[dtownreppin214]

A day before he was to appear at a congressional hearing focused on the biggest banks in the United States, Bank of America’s chief executive, Brian Moynihan, said on Tuesday that the bank planned to raise its minimum wage to $20 an hour from $15 over the next two years.

Appearing on the MSNBC show “Morning Joe,” Mr. Moynihan said that starting next month, Bank of America’s lowest-paid employees would earn $17 an hour. The hourly rate would increase incrementally over the next two years until it reached $20, the highest minimum wage paid by any of the country’s largest banks.

JPMorgan said last year it was using some of the savings it realized as a result of the Trump administration’s corporate tax cuts to raise its minimum wage to $15 and $18 an hour.

Mr. Moynihan’s announcement came as he prepared to appear before the House Financial Services Committee, where he and leaders of Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and State Street Corporation are expected to be questioned on issues like executive pay, diversity, fair lending and financial services industry’s ties to gun makers.

“Meet the new hyper-attuned bank C.E.O.s.,” said Mike Mayo, an analyst for Wells Fargo who covers Bank of America and other big banks. “If the top levels of the financial industry were tone deaf around the financial crisis, this is the opposite.”

Mr. Mayo said that the wage increase announced by Bank of America also reflected a trend among large banks toward employing fewer low-wage employees like bank tellers in favor of more highly skilled workers like financial advisers and technologists who help operate digital banking services.

 

[GnauzBookOfRhymes]

That tax cut was a boon. For better or worse at least employees are getting a raise.

 

[88m3]

2 years

 

[dtownreppin214]

2 years

need time to gradually increase overdraft fees.

 

[OfTheCross]

time for me to apply

 

[Berniewood Hogan]

But I heard this was physically impossible.

 

[☑︎#VoteDemocrat]

But I heard this was physically impossible.

inflation idiot

 

[Berniewood Hogan]

inflation idiot

Nipsey Hussle was a mediocre rapper

 

[ExodusNirvana]

When the next recession hits, they're going to fire/layoff a buttfukk TON of people

Make sure your little nephews, nieces, and cousins study STEM in college....don't get caught out there

 

[BoBurnz]

I mean yeah, bank teller is like, one of the first things that will be replaced with automation, in most places they already are.

It's like when Ford rose wages from $2/day to $5/day. It wasn't the altruistic gesture that he painted it as afterwards for an easy PR win. He had a turnover rate approaching 1000% for his assembly lines (for every 100 trained workers he had to hire and train 934 a month) and needed to pay more to keep his garbage processes in place because it's menial, soul crushing work.

Banking also has one of the highest turnover rates among industries in the US (last I knew it was around 20%).

None of these companies do this out of interest in their employees, they do it because in the long run it makes the people at the very top more money, and because they need to retain the limited staffing and labor needs they'll have once the positions are gone.

 

[DEAD7]

Damned if they do, damned if they don’t...there really is seemingly no meaningful incentive to do right by employees.
BofA didn’t have to do anything… they were already paying a “living wage” and they are increasing it...
…it’s impossible to please liberals

 

[Json]

They must be about to announce a bunch of layoffs in the next year.

 

[Domingo Halliburton]

inflation idiot

Do you really think if we raised the minimum wage to $15 an hour we'd have out of control inflation? Because i dont.

 

[Donald J Trump]

What they didnt tell you was they are getting rid of all tellers

and they will keep the bankers and smart atms

 

[☑︎#VoteDemocrat]

Do you really think if we raised the minimum wage to $15 an hour we'd have out of control inflation? Because i dont.

Considering people have been talking about this for the last 5+ years, at this point, less so.

But that's why its always phased in.