Bank of America is hiking its minimum wage to $20 an hour

REUTERS / Bobby Yip

Brian Moynihan

• Bank of America Merrill Lynch is increasing the minimum wage for its workers.
• Starting in May, employees will earn at least $17 an hour. It will increase in increments to $20 an hour by 2021.
• The bank employs 205,000.

Bank of America Merrill Lynch is hiking its minimum wage, and by 2021 all employees will earn at least $20 an hour, the bank announced Tuesday.

Starting May 1, the minimum wage at the bank will increase to $17 an hour. It will increase in increments over the next two years until it hits an hourly wage of $20, the bank said in a statement.

"We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams," Sheri Bronstein, chief human resources officer at Bank of America, said in the statement. "Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work."

In 2017, the bank increased its minimum wage to $15 an hour, up from $13.50 an hour.

Bank of America employs around 205,000 workers globally.

This story is developing.

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