Bank of America announces $41,000 min wage ($20 an hour) (dollar, economic, government)

[Frank DeForrest]

Originally Posted by pknopp

When an employer can play with taxpayer money it's not hard to do something like this.

Yeah if they were a private co. I'd say its none of our beeswax what they want to pay their employees, but banks are far from it.

[Ferd]

Originally Posted by craigiri

Some conservatives melt....and all the anarchists also.....

“If you get a job at Bank of America, you’ll make $41,000,” Chairman and CEO Brian Moynihan says."

Before anyone mentions these are "professionals", I'll note that my 18 yo Son worked in a drive-up window.

Other Banks are following suit. Good for them.

For those who want to only bank where low wages are paid, that's easy enough. Check the job listings or sign up for a free trial on Glassdoor.
https://www.glassdoor.com/Salaries/b...RCH_KO0,11.htm

Me? I'm going to check in with my local bank AND Fidelity and Vanguard and make sure they are paying living wages. Social justice is good.

I am a conservative. please tell me why I am supposed to melt?

[hbdwihdh378y9]

Originally Posted by craigiri

Some conservatives melt....and all the anarchists also.....

“If you get a job at Bank of America, you’ll make $41,000,” Chairman and CEO Brian Moynihan says."

Before anyone mentions these are "professionals", I'll note that my 18 yo Son worked in a drive-up window.

Other Banks are following suit. Good for them.

For those who want to only bank where low wages are paid, that's easy enough. Check the job listings or sign up for a free trial on Glassdoor.
https://www.glassdoor.com/Salaries/b...RCH_KO0,11.htm

Me? I'm going to check in with my local bank AND Fidelity and Vanguard and make sure they are paying living wages. Social justice is good.

I don't get it. Why do you imagine conservatives would have a problem with this?

[pknopp]

Originally Posted by 1AngryTaxPayer

No one is entitled to live where they can't afford.

Those who can have no desire to cut their own grass.

[Rachel976]

Originally Posted by krichton

Your concern for billionaire corporations is sooo cute!!

My cicnern is for the overpaid employees who will lose their jobs.

[Enigma777]

Originally Posted by Rachel976

Another thing.

If they pay tellers $41,000, don't you think the Asst Branch Manager earning $45k is going to balk? They're going to have to bump up their salaries too. But wait, now they're at $55k, and the Branch Manager earning $65k needs a raise also.

Their compensation costs are going to jump big time, unless of course they plan to use technology to replace more employees. Might be a money-saver, after all!

They are making huge profits--they should pay people higher wages. This is a good thing.

Isn't this the whole point of the ridiculous income disparity?

[skeddy]

They should pay whatever they want. Good for them!

Oh BTW, back in August of last year Bank of America eliminated its eBanking checking account and moved those customers to what it calls a Core Checking Account. Members who don’t fit certain criteria for this account may be charged a $12 monthly maintenance fee.

To avoid this fee, customers with a Core Checking Account will need to either have at least one direct deposit of $250 or more each month or maintain a minimum monthly balance of at least $1,500.


And I like who they've chosen to pay for these salary increases too. The paycheck to paycheck crowd, not me.

[pknopp]

Originally Posted by Rachel976

My cicnern is for the overpaid employees who will lose their jobs.

The Federal Reserve will make sure there is no shortfall.

[Ponderosa]

BofA's minimum wage was already at $15. They are bumping that to $17 on May 1 and then up to $20 over the next couple years. So this announcement is not as dramatic an increase as some seem to think it is.

[ringwise]

Originally Posted by armourereric

They probably are on the verge of introducing totally automated drive up windows.

Already starting to happen. My local bank has only 1 teller now (used to have 3-5), and have added 3 machines in the lobby to handle transactions.