Bank of America posted another solid year, reaping the benefits of a better economy, higher interest rates, and lower taxes. Profits grew 54% in 2018. CEO Brian Moynihan has also managed on the political front better than some of his banking peers. Just a day before he appeared at a hearing before the House Financial Services Committee, the bank announced plans to raise its minimum wage from $15 to $20 in 2020. While the move likely didn’t pacify lawmakers concerned with economic inequality, it was certainly a step in the right direction.
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It pays higher interest than the average bank account.
"Increasingly, the female member of a couple is the shot-caller. Arguably it’s the most powerful trend in our industry.”
Will raise minimum wage gradually over two years.
With less bank competition, poorer areas might find less availability of services.