Bank of America to Raise U.S. Minimum Hourly Wage to $25

[JEDI]

Bank of America to Raise U.S. Minimum Hourly Wage to $25 by 2025

Just over one year after raising its U.S. minimum wage to $20 an hour, Bank of America said it plans to raise its hourly minimum to $25 by 2025.

www.wsj.com

Bank of America Corp. on Tuesday said it plans to raise its hourly minimum wage to $25 by 2025, putting it on track to surpass its big-bank peers during a time of worker shortages across the country.

U.S. vendors to be required to pay employees dedicated to the bank at least $15 an hour.
(im assuming something along the lines of the cleaning crew?)


Looks like im going to be a bank teller.
i can easily coast on $25/hr

 

[s0me0nesmind1]

Bank of America to Raise U.S. Minimum Hourly Wage to $25 by 2025

Just over one year after raising its U.S. minimum wage to $20 an hour, Bank of America said it plans to raise its hourly minimum to $25 by 2025.

www.wsj.com

Bank of America Corp. on Tuesday said it plans to raise its hourly minimum wage to $25 by 2025, putting it on track to surpass its big-bank peers during a time of worker shortages across the country.

U.S. vendors to be required to pay employees dedicated to the bank at least $15 an hour.
(im assuming something along the lines of the cleaning crew?)


Looks like im going to be a bank teller.
i can easily coast on $25/hr

There aren't exactly a lot of bank tellers anymore. Places like Chase have a machine that accomplishes 99% of what people want, and there is one teller there just in case for stuff more complex... or old people that don't realize that the machine does all of those things.

Either way, I honestly doubt they are going to pay tellers $52k, I'm sure they carve out some nice "exceptions" in there.

 

[Pohemi]

"U.S. vendors to be required to pay employees dedicated to the bank at least $15 an hour."

That headline subtext is what confused me.
It sounds like reference to connected clients and partners to the bank, that are not actually part of the bankcorp? I'm not sure how they can "force" partners to meet a minimum wage though.

 

[Fanatical Meat]

"U.S. vendors to be required to pay employees dedicated to the bank at least $15 an hour."

That headline subtext is what confused me.
It sounds like reference to connected clients and partners to the bank, that are not actually part of the bankcorp? I'm not sure how they can "force" partners to meet a minimum wage though.

I am thinking it is contractors as in they hire some folks to man the phones for basic stuff during the the holidays it is easier to deal with a vendor that specializes in these things, places like ttec and so on.

 

[sactoking]

Great, now all of the burgers I buy from BofA are going to be made by robots. Boycott robot burgers!

 

[Zorba]

"U.S. vendors to be required to pay employees dedicated to the bank at least $15 an hour."

That headline subtext is what confused me.
It sounds like reference to connected clients and partners to the bank, that are not actually part of the bankcorp? I'm not sure how they can "force" partners to meet a minimum wage though.

Easy, you put it in the contract. Government does it on every contract.

 

[Jaskalas]

Looks like im going to be a bank teller.

You're going to become an iphone app?

 

[Pohemi]

Easy, you put it in the contract. Government does it on every contract.

Right, I just wasn't entirely sure if that, "U.S. vendors" meant contracted employees, or something different.

So it's only the direct employees of BoA that the $25/hr rate minimum applies to. The $15/hr will apply to anyone contracted to do work for the bank, whether it be the night time cleaning crews, or CSRs in a call center, etc.

 

[Zorba]

Right, I just wasn't entirely sure if that, "U.S. vendors" meant contracted employees, or something different.

So it's only the direct employees of BoA that the $25/hr rate minimum applies to. The $15/hr will apply to anyone contracted to do work for the bank, whether it be the night time cleaning crews, or CSRs in a call center, etc.

That's how I take it.

 

[ivwshane]

Sounds good but what’s their median pay now?

 

[compuwiz1]

Working in a bank, at least requires some skill. You have to know how to keep track of and count money, computing, PR skills, etc. That is better than some fast food joint folks I've met, who have none of that going for them.

 

[Fanatical Meat]

Working in a bank, at least requires some skill. You have to know how to keep track of and count money, computing, PR skills, etc. That is better than some fast food joint folks I've met, who have none of that going for them.

Okay so they earn 60% of that at $15 per hour.
I am glad you agree.

 

[Juiblex]

Looks like im going to be a bank teller.
i can easily coast on $25/hr

Yup. Until you realize a pound of hamburger, a loaf of bread, and a gallon of milk is $25 as well. Then that $25 isn't worth anything, is it?

 

[uclaLabrat]

Working in a bank, at least requires some skill. You have to know how to keep track of and count money, computing, PR skills, etc. That is better than some fast food joint folks I've met, who have none of that going for them.

I'm intrigued to know how you think counting money and putting it in a drawer becomes vastly more complicated depending on which building its in?
Unless you think processing slips are somehow complicated.

I cant speak to banking, but the menus/interfaces on the old registers I used at McDonald's were vastly more complex than many of the ones I use in GMP drug development.

I'm sure the interfaces have been simplified since the 90s but still, I don't dare presume that those improvements are limited to fast food.

 

[NWRMidnight]

Sounds good but what’s their median pay now?

Bank Teller's:

https://www.glassdoor.com/Hourly-Pay/Bank-of-America-Teller-Hourly-Pay-E8874_D_KO16,22.htm#:~:text=The%20typical%20Bank%20of%20America,estimated%20based%20upon%20statistical%20methods

.


Base pay "average" is $15, but it's as low as $8 and as high as $27.


Bank of America is right there with Well's Fargo as being one of the top most corrupt Banks in America, and continue to get away with swindling their customers (most likely employees too) I wouldn't work for them if it was the last job on earth.

 

[ivwshane]

Bank Teller's:

https://www.glassdoor.com/Hourly-Pay/Bank-of-America-Teller-Hourly-Pay-E8874_D_KO16,22.htm#:~:text=The%20typical%20Bank%20of%20America,estimated%20based%20upon%20statistical%20methods

.


Base pay "average" is $15, but it's as low as $8 and as high as $27.


Bank of America is right there with Well's Fargo as being one of the top most corrupt Banks in America, and continue to get away with swindling their customers (most likely employees too) I wouldn't work for them if it was the last job on earth.

Thanks! Sounds like this is a good move then, unless it’s one of those, ‘we’ll raise the pay for our employees except for contractors, we’ll require contractors to be paid at less than our median pay. Oh and most of our employees will now be contractors’

 

[IronWing]

Yup. Until you realize a pound of hamburger, a loaf of bread, and a gallon of milk is $25 as well. Then that $25 isn't worth anything, is it?

Because wages for the folks at the bottom is what drives prices, not executive pay and shareholder greed.

 

[Zorba]

Because wages for the folks at the bottom is what drives prices, not executive pay and shareholder greed.

Well you see, that's just capitalism.

 

[brycejones]

Working in a bank, at least requires some skill. You have to know how to keep track of and count money, computing, PR skills, etc. That is better than some fast food joint folks I've met, who have none of that going for them.

Yet they are still more useful to society than you. How does that make you feel?

 

[VW MAN]

Yup. Until you realize a pound of hamburger, a loaf of bread, and a gallon of milk is $25 as well. Then that $25 isn't worth anything, is it?

Thanks for sharing that you don't know jack shit about basic economics dipshit!

 

[PingSpike]

I expect they will simply reneg on this next year and mumble about changing market conditions or something.

 

[Fenixgoon]

Sounds good but what’s their median pay now?

As a professor of mine said, if you know the average or the total, you get an idea of the quantity you're measuring. But if you know the distribution, you know everything.

 

[brianmanahan]

You're going to become an iphone app?

yeah who goes in banks besides old people?

i have used a bank teller maybe once or twice in the last 10 years

 

[Fenixgoon]

yeah who goes in banks besides old people?

i have used a bank teller maybe once or twice in the last 10 years

I made the wire transfer for my home down payment from my phone
I went to my bank and they said "use the app" 😳

 

[Brainonska511]

yeah who goes in banks besides old people?

i have used a bank teller maybe once or twice in the last 10 years

The only time in recent memory I had to go to a branch was when a relative sent me a check drawn in GBP. Couldn't deposit it by ATM or phone, and they didn't have a mail in deposit address (no branches in my state). Fortunately, a business trip at the time took me to a state with a lot of my bank's branches.