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The increase is set to happen incrementally with the first bump in pay set to take effect on May 1 when it will climb by $2 to $17 an hour. The additional $3 raise will happen over the course of the next two years.
“If you get a job at Bank of America, you’ll make $41,000,” Bank of America chairman and CEO Brian Moynihan told MSNBC on Tuesday.
In a statement, the company said the increase is part of its commitment to “being a great place to work” and to remain competitive.
“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” Sheri Bronstein, chief human resources officer at Bank of America said.
Since 2010, Bank of America has increased its minimum wage by more than $4 per hour. In 2017, it raised its wage to $15 per hour.
The move comes after McDonald’s ended its lobbying efforts against raising the minimum wage and Target revealed it's bumping its minimum wage to $13 an hour in June. Bank of America along with a slew of other employers have been struggling to attract workers with U.S. unemployment at its lowest level in nearly 50 years and a record number of job openings.