Expert: Bank of America’s minimum wage increase is positive for SWFL banking industry

Author: Nancy Semon, Gulfshore Business
Published: Updated:
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Bank of America is raising its hourly minimum wage to $24 for full-time and part-time employees. This could be good news for the banking industry and customers in general, Florida Gulf Coast University Assistant Professor of Economics Krishna Regmi said.

The wage increase for the bank’s U.S. employees goes into effect in October, said Matthew Daily, Bank of America’s senior vice president of external communications. This is the seventh consecutive year the Charlotte, North Carolina-based bank increased its employees’ wages, during which time its starting salary for full-time employees rose nearly $20,000.

Bank of America serves approximately 69 million consumer and small business clients with about 3,800 retail financial centers, and approximately 15,000 ATMs and digital banking with approximately 58 million verified digital users, according to the company. It operates 36 locations in Southwest Florida.

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