One of the country's biggest banks -- Bank of America -- will set their minimum wage for all company positions at $25 an hour -- getting hourly wages to that level no later than 2025.
No doubt this would be the highest minimum wage that any of the big banks pay, and analysts report that this move could actually force other big banks to do the same, in order to remain competitive when hiring. Wages have been a hot-button issue for the banks, who have been raking in record profits since the pandemic.
In one other twist, the bank will also require vendors that do business with them to also compensate their employees with at least $15 per hour. BOA says that already 99% of its vendors meet this requirement.