Bank of America has raised its national minimum wage to $24 an hour, bringing the minimum annualized salary to $50,000, according to a statement released today. That’s $20,000 more than employees earned on average when the salary tracking program started in 2017, according to the company.
But the latest increase in wages comes on the heels of Bank of America decreasing its overall headcount. In 2018, the year after the bank announced the wage increase program, it employed 204,000 people, according to company filings. By 2022, that number peaked at 217,000 employees before falling last year to 213,000 employees.
