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Bank of America wills to pay what it takes to hire the best talent, the CEO says

Bank of America wills to pay what it takes to hire the best talent

May 24, 2021: -On Thursday, Bank of America wants to attract and retain the best talent, and the bank wills to pay extra for it, CEO Brian Moynihan said.

“We want that type of talent in our company, and we’re planning to will to pay what it takes to get it,” Moynihan told CNBC.

On Tuesday, Moynihan’s commented came after Bank of America announced to hike its minimum salary to $25 per hour by 2025. The move also pressured the U.S. vendors working with Bank of America to pay their employees nearly $15 per hour.

“We’re pushing the wages up because we want our teammates to have a career mindset when they join and stay with us,” the executive said.

Moynihan also said the bank, the second-biggest by assets in the U.S., is seeing positive reception among staff since it starts considering increasing wages almost a decade ago. This is the third consecutive year that the Charlotte, N.C.-based bank announced a plan to increase salaries.

Bank of America’s minimum salaries increases to $20 in March 2020 from $17 in the year 2019. Meanwhile, employee turnover decreased to 7% in 2020 from 11% the year before, according to information provided to shareholders this past March.

“Turnover is way down; the people are more committed to the company; they do a better job for our teammates,” Moynihan said on Thursday.

“You can’t think of a year in which those teammates had to do a lot for our customers and clients, which was up until now in a pandemic last year.”

Moynihan also told Cramer that the company did not lay off branch workers in the Covid-19 pandemic.

On Thursday, Bank of America shares slid 0.24% to close at $41.87. The stock has rallied 38% year to date.

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