By Isoken Osagie
Bank of America, the second-largest U.S. bank, announced Tuesday that it will raise its minimum hourly wage to $25 by 2025. As part of the move, vendors will also be required to pay workers at least $15 an hour.
CNBC reports that the financial institution recently completed a separate plan last year to get to a $20 minimum wage.
"A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients," said Sheri Bronstein, Bank of America's top human resources officer, in a statement. "That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent."
Banks have long been criticized for their low pay, especially as Wall Street executives earn millions of dollars a year while bank tellers earn far less.
According to a 2013 report from The Committee for Better Banks, around one-third of bank tellers were on some form of public assistance, including Medicaid and food stamps, per CNBC.