Bank of America has officially increased its U.S. minimum hourly wage to $25, fulfilling a pledge it made in 2021 to raise compensation to that level by 2025. The move, which took effect this week, raises the bank’s minimum full-time starting salary to more than $50,000 annually, an increase of over $20,000 since 2017, and further establishes the company as a leader in wage equity across the financial services sector.
For employees in Minnesota, where Bank of America is celebrating its 10th year serving the Twin Cities, the wage hike is a timely investment in workforce stability and economic inclusion. The company currently employs 540 people across the state and operates 32 financial centers, the latest of which opened in Oak Park Heights earlier this year.
“Bank of America’s $25 per hour minimum starting wage for full- and part-time employees took effect this week, and it affects thousands of employees,” said Lucas Giambelluca, president of Bank of America Twin Cities. “That’s an increase of more than $20,000 since 2017. Competitive compensation is one of the many ways we are helping drive American economic growth that helps fuel consumer spending in markets like the Twin Cities.”
In Minneapolis and St. Paul, the minimum wage for large employers currently stands at $15.97, set to rise to $16.37 in 2026. Across Minnesota, the minimum wage is $11.13 and will increase slightly to $11.41 next year. Bank of America’s new starting wage, nearly $10 above the city minimum and more than double the state rate, sets a striking precedent…