Bank of America to raise minimum wage to $25/hr by 2025

NEW YORK (AP) — Consumer banking giant Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025, the bank said Tuesday.

It’s the latest wage increase that BofA and other banks have done over the last several years, following pressure from outside groups to address wealth inequality in this country.

It will also be the highest minimum wage paid by a big bank, and will likely put pressure on other banks to do the same.