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May 23, 2022, 7:14 a.m. EDT

Bank of America raises minimum wage to $22 an hour

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By Tomi Kilgore

Shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC +1.38% rose 1.5% in premarket trading Monday, after the moneycenter bank said it raised its U.S. minimum wage of $22 an hour, effective at the end of June. The increase is from $21 an hour in October 2021, and has now increased 47% from $15 an hour in five years, and part of its plan to raise the minimum wage to $25 an hour by 2025. BofA's stock has dropped 23.9% year to date through Friday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF +1.37% has shed 15.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% has declined 18.1%.

/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 31.56
+0.43 +1.38%
Volume: 40.24M
July 1, 2022 4:00p
P/E Ratio
9.00
Dividend Yield
2.66%
Market Cap
$254.28 billion
Rev. per Employee
$465,510
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 31.88
+0.43 +1.37%
Volume: 77.31M
July 1, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,825.33
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p
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