Bank of America hikes minimum wage to $25 per hour

BofA is the latest company to hike its minimum wage to lure talent

Bank of America’s minimum wage will be up to $25 an hour, the bank announced Tuesday, by 2025. 

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It also said that it would require all its vendors in the U.S. to pay $15 an hour or more to employees who work with the bank. According to the announcement, almost all its vendor firms and employees are paid at that rate, or higher, because of the bank's policy. 

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The bank had already raised its own minimum wage to $20 an hour in the U.S. last March. That was one year ahead of schedule -- the bank had originally planned to raise its minimum wage to $20 in 2021.

Four years ago, Bank of America raised its minimum hourly wage to $15 an hour, then to $17 an hour in 2019. 

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According to the announcement, the bank has increased its minimum hourly wage by 121% since 2010.

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"A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients," Sheri Bronstein, Bank of America’s chief human resources officer said in a statement. "That includes providing strong pay and competitive benefits to help them and their families so that we continue to attract and retain the best talent."