Bank of America says it will boost minimum wage to $25 an hour by 2025

Bank of America says it will boost minimum wage to $25 an hour by 2025

Brian Moynihan, CEO, Bank of America

Scott Mlyn | CNBC

Bank of America said it it raising the minimum hourly wage it pays employees to $25 by the year 2025.

The second biggest U.S. bank by assets has helped push compensation higher in recent years when it announced it was one of the first megabanks to guarantee a $20 hourly wage.

“A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, the firm’s chief human resources officer. “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”

This story is developing. Please check back for updates.

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