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Bank of America raises minimum hourly pay
Bank of America will pay hourly workers at least $24 per hour — a big jump from early 2019, when it paid $15 per hour. It has launched a series of pay raises as the industry struggles to fill bank teller jobs.
The country's second-largest bank is increasing the wages of its lowest-paid workers, who will start earning at least $24 per hour in October. And even today, the company is already paying significantly above the median wage for all U.S. bank tellers, who earned $18.10 per hour in 2023, according to the Bureau of Labor Statistics. Yet this latest increase also underscores the vast income disparities across the financial industry, between the hourly retail workers who deal with customers and the bonus-happy investment bankers, traders, and executives whose huge pay packages contribute to Wall Street’s well-heeled reputation.
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