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September 21, 2023

Bank of America to increase minimum wage to $25 by 2025

CoStar Bank of America's branch at 417 Shippan Ave., in Stamford.
By Andrew Larson

Bank of America is increasing its minimum wage to $23 an hour starting in October, which equates to roughly $48,000 a year for full-time employees, the company said in an announcement.

In addition, Bank of America, which is Connecticut’s largest bank by deposits, plans to raise its minimum hourly wage to $25 by 2025.

Bank of America raised its minimum wage to $15 in 2017, $17 in 2019, $20 in 2020, $21 in 2021 and $22 in May 2022.

“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. “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.” 

Bank of America is one of the largest banks in the world, with about 68 million consumer and small business clients, roughly 3,900 retail financial centers and 15,000 ATMs in the United States.

In Connecticut, Bank of America had $44.7 billion in deposits, as of June 2022. 

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