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Bank of America raising hourly minimum wage to $20

CEO Brian Moynihan said, "If you get a job at Bank of America, you'll make $41,000 per year."
Credit: AP
A Bank of America branch is seen along Peachtree Street, Tuesday, July 16, 2013, in Atlanta. Bank of America Corp. reports quarterly financial results before the market open on Wednesday, July 17, 2013. (AP Photo/David Goldman)

Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.

The company said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021. Bank of America raised its hourly minimum wage to $15 in 2017. It says wages have increased since then, though it didn't release details of those increases.

In a Tuesday interview on MSNBC, Chairman and CEO Brian Moynihan said, "If you get a job at Bank of America, you'll make $41,000 per year."

Bank of America Corp., based in Charlotte, North Carolina, has more than 205,000 workers.

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