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Bank of America is increasing its minimum hourly wage in the US to $25, raising the starting annual salary for full-time employees to more than $50,000.
The change, which takes effect in October, will apply to all full-time and part-time hourly roles nationwide. The rise is expected to impact thousands of workers and further contribute to job creation and community investment.
The company currently employs 5,530 people in Los Angeles.
Long-term wage strategy
The pay hike is the latest step in a multi-year effort to steadily raise wages. Since 2017, the bank’s minimum hourly pay has grown from below $15 to $25, lifting the entry-level annual salary by over $20,000.
Bank of America described the policy as part of its long-standing position as a national leader in setting competitive pay levels for hourly employees. The company said the increase reflects its broader goal of fueling economic growth while creating opportunities across the country.
Chief people officer Sheri Bronstein highlighted the importance of the increase for both workers and the wider economy, saying: “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” she said. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
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Career pathways and rewards
The bank said entry-level positions will serve as a springboard for longer-term careers. New hires have access to onboarding support, professional development, tuition assistance, and mobility opportunities designed to strengthen career growth.
The company has also made further investments in employee rewards. Since 2017, 97% of staff have received awards beyond base pay, largely through grants of restricted common stock. Nearly $5.8 billion has been distributed to employees under the program.
By boosting its minimum pay to $25, the company aims to maintain its competitive edge in recruitment and retention, while reinforcing its reputation as an employer of choice in the financial services sector.
