22,000 Bank of America employees will enjoy a pay raise next month. The Company announced on Tuesday its minimum hourly wage will increase to USD 17 per hour starting May 1 and will continue to rise to USD 20 per hour over the next two years. The Company has increased its minimum wage by more than USD 4 since 2010.
“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
Bank of America announced a variety of other upgrades last week. The Company said 500 financial centers will be renovated with new technology and layouts this year. An additional 1,000 locations will be modernized by 2022. Bank of America also plans to open more than 350 financial centers over the next three years, including 90 in 2019.
The Company said it will focus on growing its presence in Colorado, Minnesota, Indiana, Pennsylvania, Ohio and Kentucky. “Adding to and enhancing our nationwide presence — a network that will soon cover more than 90 percent of the U.S. population — not only enables us to serve our clients in these areas more efficiently, but also helps drive local employment.” The overall expansion is expected to create nearly 5,500 jobs.
Bank of America will report its first-quarter 2019 financial results on Tuesday, April 16.