Bank of America Boosts Minimum Wage to $25/Hour, Salaries Exceed $50K

The increase delivers on a pledge to hit $25 by 2025

CHARLOTTE, N.C., Sept. 17, 2025 — Bank of America (BAC) today announced it has raised its U.S. minimum hourly wage to $25, a move impacting thousands of employees and solidifying its position as a wage leader in the financial sector. This increase, effective in early October, will translate to an annualized salary exceeding $50,000 for full-time employees across the United States. The policy applies to both full-time and part-time hourly positions.

A National Leader

• This milestone represents the culmination of a multi-year strategy, gradually increasing the minimum wage from under $15 per hour to the current $25.
• Bank of America has consistently strived to set competitive wage standards for its U.S. hourly workforce.
• Since 2017, the bank’s starting salary for full-time U.S. employees has increased by over $20,000, reflecting a significant investment in its workforce.

Bank of America emphasizes that joining the company at an entry-level wage is a pathway to long-term career advancement. The bank offers comprehensive onboarding, professional development programs, tuition assistance, and internal mobility initiatives to foster employee growth.

“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, Chief People Officer, Bank of America. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.” This statement underscores Bank of America’s belief that fair wages are not just a matter of employee well-being, but also a key driver of economic growth. The move could put pressure on other financial institutions to raise their minimum wage to retain talent. This competitive pressure could drive up costs for these institutions, potentially impacting profit margins or leading to increased automation to offset labor expenses.

Competitive Pay, Industry-Leading Benefits

Further demonstrating its commitment to employee well-being, approximately 97% of Bank of America employees have received awards beyond regular compensation, primarily in the form of Bank of America restricted common stock. Since the program’s inception in 2017, nearly $5.8 billion has been awarded.

Bank of America also boasts industry-leading benefits and employee programs, including:

• The Academy, an acclaimed onboarding, education, and professional development platform.
• 26 weeks of parental leave, with 16 weeks fully paid.
• A sabbatical program offering 4-6 weeks of paid time off based on tenure.
• Backup child and adult care programs, and reimbursement programs for eligible employees’ childcare expenses.
• U.S. health plans that include no-cost wellness visits, preventative medications, virtual care, and on-site screenings.
• Personalized support for employees and their families navigating critical life events through the Life Event Services team.

These benefits are designed to improve employee wellness, work-life balance, and financial stability. This proactive approach could enable the organization to attract top talent, reduce employee turnover, and increase productivity. The increased investment in employee compensation and benefits may signal a strategic shift toward de-emphasizing automation in certain roles, relying instead on human capital for customer service and client relationship management.

Bank of America emphasizes that through its continuous investment in skills-based training and a culture of opportunity, many employees who start at a minimum wage salary progress to leadership roles, becoming mentors, providers for their families, and contributors to their communities.

Bank of America’s recognition as a global employer of choice by organizations such as LinkedIn, Fortune, and People Magazine further underscores its commitment to providing a positive and supportive work environment.

Bank of America

Bank of America is a leading global financial institution, providing a comprehensive suite of banking, investment, asset management, and risk management products and services to individuals, small and middle-market businesses, and large corporations. With a significant presence in the United States, serving roughly 69 million consumer and small business clients through approximately 3,700 retail financial centers, 15,000 ATMs, and a thriving digital banking platform, Bank of America is strategically positioned to capitalize on the growing demand for accessible and convenient financial services.

The company’s commitment to innovation is evident in its suite of online products and services tailored to the needs of approximately 4 million small business households. Bank of America operates across the United States, its territories, and more than 35 countries worldwide. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Analysts will be watching closely to see how Bank of America’s increased wage expenses impact the company’s performance in the next quarters. The move could also serve as a litmus test for other large corporations navigating the pressure to increase wages in a tight labor market. Moreover, the long-term success of this strategy will hinge on the company’s ability to effectively train and retain its workforce, creating a virtuous cycle of higher wages, improved morale, and increased productivity.