The company's announcement comes as Democratic lawmakers push legislation to raise the federal minimum wage from the current $7.25 to $15 per hour by 2024 amid a tight labor market.
The Washington Post's Damian Paletta, left, interviewed Brian Moynihan, chief executive of Bank of America, during an event on April 4.
Bank of America’s announcement comes as Democratic lawmakers push legislation to raise the federal minimum wage from the current $7.25 to $15 per hour by 2024 amid a tight labor market. Workers are receiving the largest wage increases since the Great Recession as employers struggle to find enough people to fill their ranks.
Wages at big banks began nudging up a few years ago as industry profits reached their highest levels since the financial crisis. Earlier this year, JPMorgan Chase announced that it would be raising its minimum wage to between $15 and $18 an hour for 22,000 employees. Wells Fargo raised its minimum wage to $15 an hour.
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