Overview

• The increase takes effect in early October and completes the bank’s step-ups from $21 in 2021 to $24 in 2024.
• CEO Brian Moynihan said AI has reduced headcount in some departments, and he emphasized redeploying and re‑skilling employees.
• Bank of America plans to hire 10,000 people with military backgrounds and 8,000 community college graduates over the next five years.
• Since 2017, about 97% of employees have received restricted stock awards totaling nearly $5.8 billion.
• Peer banks are moving in the same direction, with BNY lifting its minimum hourly wage to $25 in March.