By Colin Kellaher

 

Bank of America Corp. (BAC) on Monday said it would raise its U.S. minimum wage to $20 an hour more than a year ahead of schedule.

The Charlotte, N.C., bank said the increase, from the current $17 an hour, will be in place by the end of the first quarter of 2020.

Bank of America in April announced plans to gradually raise its minimum wage to $20 an hour by 2021.

Specific figures weren't immediately available, but a spokeswoman said the increase affects "tens of thousands" of U.S. workers.

BofA, which employs more than 208,000 people around the world, said it has raised its U.S. minimum wage by more than $8 an hour since 2010.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 04, 2019 09:43 ET (14:43 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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