Bank of America has officially increased its U.S. minimum hourly wage to $25, fulfilling a pledge it made in 2021 to raise compensation to that level by 2025. The move, which took effect this week, raises the bank’s minimum full-time starting salary to more than $50,000 annually, an increase of over $20,000 since 2017, and further establishes the company as a leader in wage equity across the financial services sector.
For employees in Minnesota, where Bank of America is celebrating its 10th year serving the Twin Cities, the wage hike is a timely investment in workforce stability and economic inclusion. The company currently employs 540 people across the state and operates 32 financial centers, the latest of which opened in Oak Park Heights earlier this year.
“Bank of America’s $25 per hour minimum starting wage for full- and part-time employees took effect this week, and it affects thousands of employees,” said Lucas Giambelluca, president of Bank of America Twin Cities. “That’s an increase of more than $20,000 since 2017. Competitive compensation is one of the many ways we are helping drive American economic growth that helps fuel consumer spending in markets like the Twin Cities.”
In Minneapolis and St. Paul, the minimum wage for large employers currently stands at $15.97, set to rise to $16.37 in 2026. Across Minnesota, the minimum wage is $11.13 and will increase slightly to $11.41 next year. Bank of America’s new starting wage, nearly $10 above the city minimum and more than double the state rate, sets a striking precedent.
“The precedent is that Bank of America is a national leader in establishing a competitive minimum rate of pay,” Giambelluca said. “Our $25 hourly wage is the highest among the major banks. That’s a powerful combination when you look at our deep commitment to creating a workplace where every teammate has the opportunity to start and grow their career.”
The change comes at a time when cost-of-living challenges are front of mind for many workers. According to the MIT Living Wage Calculator, a livable wage for a single adult with no children in Hennepin County is around $21.50 per hour. For households with children or multiple dependents, the figure is significantly higher. Bank of America’s starting wage surpasses those estimates, positioning its entry-level roles as more than just jobs, but real career opportunities.
“Joining the Bank of America team at our minimum starting wage is a launchpad for career mobility,” Giambelluca said. “Increasing our starting salary, combined with our skills-based professional development, presents remarkable career pathways.”
That emphasis on upward mobility is central to the bank’s broader strategy. In addition to compensation increases, Bank of America recently announced a five-year hiring initiative aimed at bringing 10,000 individuals with military backgrounds and 8,000 community college graduates into its workforce. The effort builds on a successful 2015 commitment that led to more than 20,000 veterans being hired across the bank’s national network.
“Our commitment to hire individuals with a broad range of skills and experiences is key to how we recruit talent to best serve our clients,” said Sheri Bronstein, chief people officer at Bank of America. “It also opens doors to create economic growth in our communities and opportunities for our teammates as they advance in their careers.”
In the Twin Cities, where Bank of America’s physical presence has grown steadily over the past decade, those doors extend beyond the workplace. The company has invested millions into local initiatives focused on affordable housing, workforce development, and small business resilience.
This year alone, Bank of America announced new grants and partnerships aimed at expanding access to financial literacy, increasing digital equity, and supporting Black-owned businesses across the metro area.
Taken together, the wage increase and community investments represent a holistic approach to inclusive growth, one that goes beyond headlines to address systemic economic disparities.
“Whether it’s hiring from community colleges or raising pay for entry-level employees, our goal is to be a catalyst for upward mobility,” said Giambelluca. “That’s how we build stronger communities.”
As national conversations continue around wage equity, economic recovery, and the future of work, Bank of America’s leadership in compensation strategy sends a clear message: Investing in workers is not only ethical, it’s economically smart.
For more information, visit www.bankofamerica.com/twincities.
Jasmine McBride welcomes reader responses at jmcbride@spokesman-recorder.com.