(11/5/2019) - Bank of America is raising its minimum wage to $20 an hour in 2020.
That's a year earlier than expected. The increase is an effort to increase the workforce as banks are struggle to find workers.
The bank is bumping up it's timeline for raising pay, saying it wants to share the company's success with its employees.
Bank of America is not the first bank to boost minimum wages. JP Morgan Chase also announced it's raising wages. Other retail companies like Amazon and Walmart have increased pay, as well.