Bank of America Raises Minimum Wage to $23 on Way to $25 an Hour

Bank of America Corp. will increase its minimum hourly wage to $23 next month, taking another step toward a goal of paying $25 by 2025, as employers respond to a strong labor market.

The move bumps pay up from $22, a level the firm put in place last year, and translates to a full-time annualized salary of about $48,000. It continues a series of hikes lifting the firm’s base pay from $15 in 2017.

“By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities,” ...