Bank of America to raise its minimum wage to $25 in the US

Bank of America is set to increase its minimum wage from the current US$24 to US$25 starting October 2025, as announced by Bank of America on 17 September, 2025. 

The increase continues a steady progression of wage hikes, beginning with a US$15 minimum wage in 2017.

The new wage equates to an annual full-time salary exceeding US$50,000 and will apply to all hourly employees, both full-time and part-time, across the US. 

Competitive Pay and Expanded Hiring Initiatives

The bank stated that the new minimum wage supports its goal of building sustainable careers for its workforce, while also contributing to broader economic growth. 

Since 2010, Bank of America’s minimum wage has risen by nearly US$14 per hour, representing an increase of more than 121%. The bank now offers one of the highest minimum wages in the finance industry. 

In addition to wage growth, Bank of America announced plans to expand hiring. 

Over the next five years, it aims to add 10,000 employees with military backgrounds and 8,000 hires from community colleges, alongside the creation of 700 new financial-center jobs across the United States.

Focus on Employee Stability and Skills Development

Bank of America’s leadership, including Chief Executive Officer Brian Moynihan, emphasized that the wage increase is designed to provide employees with long-term stability, career opportunities, and the ability to support their families. 

Executives also noted that higher pay has already contributed to lower employee turnover and reduced customer attrition, strengthening both workforce and client relationships.

At the same time, the company continues to adopt artificial intelligence and other technologies across its operations, which has reduced the number of employees in certain departments. 

Management, however, highlighted that the bank is committed to reinvesting in its people by redeploying staff into areas where human skills remain important. 

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Bank of America raises minimum wage to USUS$24 per hour in U.S. Locations