Bank of America wants to attract and retain the best talent, and the bank is willing to pay extra for it. Bank of America has announced that it will be moving its minimum wage to $25/hr by 2025. The move also puts pressure on U.S. vendors working with Bank of America to pay their employees at least $15 per hour. Bank of America’s minimum wage rose to $20 in March 2020 from $17 in 2019. Meanwhile, employee turnover fell to 7% in 2020 from 11% the year prior, according to information provided to shareholders this past March.
See "Bank of American Raises Its Minimum Wage", Tyler Clifford, CNBC News, May 26, 2021