Bank of America

CHARLOTTE, N.C. (AP) — Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.

The company said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021. Bank of America raised its hourly minimum wage to $15 in 2017. It says wages have increased since then, though it didn't release details of those increases.

In a Tuesday interview on MSNBC, Chairman and CEO Brian Moynihan said, "''If you get a job at Bank of America, you'll make $41,000 per year."

Bank of America Corp., based in Charlotte, North Carolina, has more than 205,000 workers.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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