Bank of America Raises Minimum Wage to $25, Boosts Starting Salary to Over $50,000 Amid AI Implementation

Bank of America has raised its U.S. minimum hourly wage to $25, exceeding $50,000 for full-time employees. This is a 67% increase since 2017. CEO Brian Moynihan acknowledged the implementation of AI has shrunk some departments, but the company is focusing on redeploying and re-skilling employees. The move aims to stimulate economic growth and opportunity, particularly for lower-income families, amid a slowing labor market.