This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Office of the Comptroller of the Currency (OCC) and FDIC.gov.
As I have written about previously, according to the federal Office of the Comptroller of the Currency (OCC.gov), hundreds of Bank of America branches have permanently shuttered this year alone.
The ongoing popularity of online banking has been reported as the primary cause of the current spate of closures.
Regardless, as Bank of America also continues to selectively add new branches, in its ongoing transition another minimum wage increase will soon be taking effect.
Let us explore.
Bank of America, 2023
According to a September 20 report from BankingDive.com, the latest increase translates into a minimum annual salary of nearly $48,000 per full-time employee.
As excerpted from the report: Bank of America will boost its minimum hourly wage to $23 next month, in its latest step toward paying its lowest-earning employees $25 per hour by 2025, the company announced Wednesday. The Charlotte, North Carolina-based lender has bumped up its minimum wage at fairly regular intervals since 2017, when it paid $15 per hour. The last increase, to $22 per hour, was announced in May 2022.
Reportedly, during past minimum wage increases on the part of Bank of America, other major U.S. banks have followed suit.
This is a developing story. In the event of pertinent updates to matters covered herein, I will share them here on NewsBreak.
Thank you for reading.