Bank of America Hikes Wages to $20

Bank of America is making promises. Big ones.

The second largest U.S. banking conglomerate announced a plan to raise its minimum wage to $20 an hour. The minimum wage will immediately spike to $17 and creep its way to $20 by 2021. In a press release, the banking giant also doubled down on a promise to hire 10,000 workers from low-to-moderate income communities by 2023. So far, it has hired 4,700.

“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America, in the release.

When thinking of bank jobs, you may first think of bank tellers, the frontline workers at brick-and-mortar banks who help with simple banking services. Then, you might think of ATMs replacing those tellers. It’s even in the name — Automated Teller Machine.

So, who would want these Bank of America jobs if they’re going to be replaced by machines?

According to the latest stats from the Bureau of Labor Statistics, bank teller jobs are indeed on the decline.  

But banks comprise a lot more positions. At Bank of America, there are more than 80 different classes of jobs — including some not-so-obvious ones like marketing, clerical and customer service. And as of May 1, each one will pay a guaranteed $17 an hour.

Overall, the financial services industry is set to grow 9.6% by 2026, according to the BLS. On closer look, a few financial jobs in particular have promising prospects:

  • Financial managers are slated to balloon 18.7%, or by 108,600 jobs, and have a median pay of $127,990.
  • Personal financial advisers will increase 14.9%, or by 40,400 jobs. Median pay is $88,890.
  • Financial analysts are expected to grow 10.9%, or by 32,300 jobs, with a median pay of $85,660.

With $20 minimum wage, high growth potential in several sectors and on-the-job training from The Academy, it doesn’t sound exactly sound like these jobs are on a fast track to becoming obsolete any time soon. 

Full story at The Penny Hoarder