BofA to increase minimum wage to $23/hour in October

AUSTIN, TX - SEPT 2: A Bank of America branch in Austin, Texas on September 2, 2011. The US government announced that it will sue Bank of America for selling toxic mortgage-backed securities.

Bank of America announced Wednesday that it has again raised its minimum wage — it will go to $23 in October — on the way to a $25 hourly wage by 2025.

This move builds on the bank’s history of being a national leader in establishing a minimum rate of pay for U.S. hourly employees.

In the last six years, Bank of America raised the minimum hourly wage to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 — and to $22 in May 2022. The company’s increase to starting pay of $23 per hour will increase minimum annualized salary for full-time employees to nearly $48,000.

BofA has increased its minimum hourly wage by nearly $14 per hour — or more than 121% — since 2010.

Sheri Bronstein, the bank’s chief human resources officer, said providing a competitive minimum rate of pay is foundational to being a great place to work.

“By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities,” she said. “Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”

Bank of America’s leadership as a global employer has been recognized by many external organizations, most recently including JUST Capital’s #1 Company for Workers, LinkedIn’s “Top Companies in the U.S.” and Fortune’s “100 Best Companies to Work For” list for the fifth consecutive year.