BMO Raises Minimum Pay for US Workers to $20 in Fight for Labor

Bank of Montreal is raising the minimum wage for its US branch and contact-center employees to $20 an hour, its second such pay bump in less than a year, as companies fight for workers in a tight labor market.

The increase from $18 an hour takes effect Aug. 7, the Toronto-based bank said in a statement Monday. The boost applies to current full- and part-time workers as well as new hires.

Financial institutions are increasing pay for frontline workers to attract and retain staff as labor markets in Canada and the US hover near historically tight levels. US employers ...