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...
