Bank of America pledges to raise minimum wage to $25 in the next 5 years

CNN — Bank of America officials said that the banking company will raise it’s hourly minimum wage of its US employees to $25 by 2025.

“It costs us a few hundred million dollars a year … but it’s an investment,” the bank’s CEO Brian Moynihan said on Tuesday, adding that It’s about maintaining a “great standard of living for our teammates.”

Paying more also helps give people a “career mindset” which can unearth loyalty that benefits shareholders in the long run.

Other banks are following suit, but not as aggressively.

JPMorgan Chase announced in 2018 that it would increase minimum pay from $15 to $18 per hour for 22,000 employees depending on their local cost of living. In Washington, DC, the bank committed to $18 per hour.

Citigroup raised its minimum wage to $15 an hour in 2019.

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