Bank of America Corporation (NYSE:BAC) shares are climbing as the company announces a bold wage hike, driving its minimum hourly rate to $24 and edging closer to a $25 goal by 2025.
“Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example,” said Sheri Bronstein, chief human resources officer.
This increase will raise the minimum annual salary for full-time U.S. employees to almost $50,000 and applies to all full-time and part-time hourly roles.
This decision continues Bank of America’s tradition of leading the nation in setting minimum wage standards for U.S. hourly workers.
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In the last seven years, Bank of America raised the minimum hourly wage from $15 to $24 in 2024. As a result, the starting salary for full-time U.S. employees will have increased by nearly $20,000 since 2017.
According to Benzinga Pro, BAC stock has gained over 38% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price Action: BAC shares are trading higher by 1.60% to $40.10 premarket at last check Tuesday.
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