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Bank of America employees get first pay bump on road to $20 an hour minimum wage

Hugh Son

The bank said Wednesday in a release that it hiked its minimum wage to $17 an hour starting May 1. Workers' minimum hourly rate will continue to rise until it hits $20 over the next two years, the bank added. Bank of America BAC 's lowest-paid employees are getting their first raises promised by CEO Brian Moynihan last month.