In May 2021, Bank of America said they plan to set the minimum wage for all positions there to $25 an hour by 2025. Bank of America raised its minimum wage to $15 an hour in 2017, to $17 an hour in 2019, and to $20 an hour last year. According to one article: Since 2010, the company’s minimum hourly wage will have increased by more than 121% (an increase of nearly $14 per hour).
At $25 a hour, a full-time employee working 40 hours a week would earn $52,000 annually.
May 2021 – Bank of America - $15 in 2017, $17 in 2019, $20 in 2020
July 2021 – Bridgewater Bank - $20 beginning Aug 1, 2021
July 2021 – People’s Bank - $17, $18.70 & $19.55
Aug 2021 – PNC - $18 beginning Nov 22, 2021
Sept 2021 – Ally Financial - $20 beginning Sept 13, 2021
Oct 2021 – BMO Harris Bank - $18 beginning Oct 17, 2021
Oct 2021 – Bangor Saving Bank - $18 – also increases for all currently earning $16 to $21.99
Oct 2021 – USAA - $21 – beginning Oct 10, 2021
Oct 2021 – Bank of America - $21
Oct 2021 – BNY Mellon - $18 – also greater of 3% increase or raise to $20 for those between $18 to $20 beginning Dec 1, 2021
Late 2021 – Wells Fargo - $18 to $22 depending on location
Dec 2021 – Frost Bank - $20 beginning Dec 20, 2021
Mar 2022 – Santander Bank - $20 for branch employees in Jan/Feb 2022 & operations employees beginning Apr 3, 2022
Mar 2022 – First Financial Bank - $18 beginning Mar 18, 2022
Mar 2022 – Barclays - $20.50 or more depending on cost-of-living indices – beginning in Mar 2022
Apr 2022 – Fifth Third - $15 in 2018, $18 in 2019, $20 beginning July 4, 2022 - also wage adjustments to the first four job levels above the new minimum wage in July
May 2022 – Bank of America - $22 starting in July 2022 - and much more.
JPMorgan Chase - $16.50 to $20 depending on cost of living in a given area
NYC-based Amalgamated Bank - $15 in 2015, $20 in 2019
04/21/2022 - Fifth Third increasing minimum wage to $20 an hour beginning July 4. Fifth Third’s move also includes a wage increase to its first four job levels above the new minimum wage.
Nudge...nudge...nudge...
https://www.reuters.com/markets/us/big-us-banks-see-higher-expenses-workers-rising-wages-2022-01-19/
10/28/21 - BNY Mellon - minimum hourly salary for U.S. employees will increase from the present $16.50 to $18.00. Will also provide the greater of a 3% salary increase or salary raise to $20 to any U.S. employee earning between $18 and $20. Changes are effective Dec. 1.
10/11/2021 : Minnesota's Twin Cities-based Bridgewater Bank moved its starting wage to $20 per hour for all regular, full-time workers in August.
Ally Financial announced 09/09/21 that it would increase its minimum hourly wage by 18% from $17 to $20 effective 09/13/21.
BMO Harris Bank — the American arm of the Bank of Montreal — announced 10/05/21 it would increase the minimum wage for its full- and part-time U.S. branch and call center employees by 20%, from $15 to $18 an hour effective 10/17/21.
CBS news (10.12.21): $21 is the new $15 in minimum wages at more companies
USAA ( 29th biggest bank ) is increasing wages by over 30% by paying at least $21/hour.
Bank of America ( 2nd largest bank ) has increased their minimum to $21/hour.
PNC Bank announced Aug 2021 that it is raising its minimum wage by 20% to $18 an hour beginning Nov 22, 2021, while also giving higher-paid workers a bump in pay.
About 20,000 (1/3 of their employees) will see their base pay rise to $18 an hour.
I think people have figured out they have been underpaid and misused by employers since the Congress added the $600 to Pandemic Unemployment Compensation last year. No one should be expected to work for less than a living wage. I hope that more people demand fair wages and better conditions so that the future is brighter for everyone.
Us Bank will laugh in your face when you suggest this. They will layoff before raising the salaries more than 2%. Phock us bank. Muddaphockas...
In order to survive, BAC earnings have to improve therefore continuing to streamline operations...i.e. continue laying people off.