Bank of America, which is the largest bank in Central Massachusetts when ranked by deposits, announced on Wednesday it has raised its U.S. minimum hourly wage to $21.
The increase is part of an ongoing plan to raise the hourly minimum wage to $25 by 2025. In Wednesday’s announcement, Bank of America said it raised its minimum hourly wage to $15 in 2017, then to $17 in 2019, and then to $20 in 2020.
Bank of America, which is headquartered in Charlotte, operates 30 branches in Central Massachusetts, which is tied for the second most with Citizens Bank, based out of Providence, according to the WBJ Research Department. The bank with the most at 35 is Santander Bank, whose U.S. headquarters is in Boston.
Bank of America employs 140,198 people across its company. It maintains $6.1 billion in local deposits in Central Massachusetts, according to the WBJ Research Department, which is nearly double the amount of the second-largest bank: TD Bank, based in New Jersey, with $3.7 billion in local deposits.
