(Reuters) - Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per hour over a two-year period.
On May 1, the minimum hourly wage will rise by $2 to $17, the bank said reut.rs/2Il5148.
Bank of America joins other Wall Street banks that have raised hourly wages following U.S. President Donald Trump’s move to cut corporate tax rates in 2017.
JPMorgan Chase & Co has been raising hourly wages to between $15 and $18 to pass on the benefits of the tax windfall to employees. [reut.rs/2F75BgZ]
Bank of America raised its minimum wage to $15 two years ago. The bank’s hourly wage has risen by $4 since 2010, it said.
Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel