Bank of America is increasing wages for hourly workers to $24 per hour starting in October, reflecting the competitive labor market for customer-facing jobs.
The bank has been increasing wages aggressively since 2019, aiming to pay $25 per hour by next year, addressing the need for more tellers.
This wage increase highlights income disparities in the financial sector, with hourly workers earning significantly less than their executives and investment banker counterparts.
Despite higher wages, the disparity is stark; the median Bank of America employee earns $124,000, while CEO Brian Moynihan's compensation equals 230 times that.
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