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Bank of America Plans to Raise Minimum Wage to $20 an Hour

Bank Of America Corp. Branches Ahead Of Earnings Figures
Photographer: Christopher Dilts/Bloomberg
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Bank of America Corp., the second-biggest U.S. lender, plans to raise its minimum wage to $20 an hour over two years.

The baseline will rise to $17 on May 1 and then to $20 in 2021, the Charlotte, North Carolina-based lender said Tuesday in a statement. Bank of America has more than 205,000 employees.