Bank of America (BAC) announced Wednesday that it has raised its U.S. minimum hourly wage to $21 as a next step in the company's plans to increase it to $25 by 2025.
In May, the company also announced that all of its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour.
This builds on the company's history of establishing a minimum rate of pay for its U.S. hourly employees. In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017, to $17 in 2019 and to $20 in 2020, one year ahead of schedule.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.