Bank of America Raising Minimum Wage To $25

(Photo by Alastair Pike / AFP) (Photo by ALASTAIR PIKE/AFP via Getty Images)

Bank of America is coming in hot!

The corporation announced they will boost its minimum hourly wage to $25 an hour by 2025.

In the press release, Bank of America also said "its U.S.-based vendors must pay their employees at least $15 per hour. Over 99% of Bank of America’s vendors meet that threshold already."

Its CEO Brian Moynihan told CNN it will cost the company a “few hundred million dollars” per year but ultimately an investment in its teammates.

“It provides a great career opportunity for people coming in, that is $40,000 plus a year now and will be at $50,000 with full benefits,” Moynihan added. “It gives them a career mindset which helps the shareholders also.” “The key is for big companies like ours, is to set a standard.”

Take a look at the full conversation between Bank of America's CEO and CNN.

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