Bank of America CEO Brian Moynihan said the increase will cost the bank “a few hundred million dollars a year” but called the move “an investment.”
Moynihan told CNN it’s about maintaining a “great standard of living for our teammates.”
“The key is for big companies like ours to set a standard,” Moynihan said. “We think it’s part of sharing our success with our communities.”
Bank of the America said this move will mean its minimum hourly wage will have increased by more than 121% since 2010.
