The CEO of Bank of America admits that the AI ​​narrows certain departments even if the bank increases the minimum wage to

This last adjustment has led to a minimum wage of Bank of America up almost 67% since 2017, when its basic hourly rate was $ 15. Before this change, the minimum wage of the bank amounted to $ 24 per hour – a rate set last year – illustrating the constant dedication of the company to increase the compensation of workers. For full -time employees, this new salary results in an annual salary exceeding $ 50,000, against less than $ 30,000 only eight years ago. The increase has an impact on thousands of employees nationwide, encompassing full -time and part -time staff.

Sheri Bronstein, director of people at Bank of America, stressed that improved starting salary is designed as a launch for long -term sustainable careers within the organization. CEO Brian Moynihan recognized Thursday in a Bloomberg television interview, that the bank continues to implement artificial intelligence (AI), which has reduced its number of employees in certain departments.

“The key is really to redeploy people and give them back,” he said. “We must be more aware of forming them in several dimensions that we could not have been two or three years ago.”

Economic and social context of the increase in the remuneration of Bofa

The time of this announcement is particularly remarkable given the current labor market. US employment growth has slowed down, unemployment rates up regularly and consumer spending faced with opposite winds. According to a recent survey of the Bank of America Institute, low -income families have experienced reduced growth in tax revenues in August, marking the slowest rate since 2016. By increasing wages, Bank of America aims not only to help its workforce to resist these conditions, but also to stimulate economic growth and opportunities in the communities it serves.

The company’s commitment extends beyond remuneration, with additional advantages such as assistance to tuition fees, professional development programs, professional mobility resources and robust scholarship programs. Since 2017, Bank of America has distributed nearly $ 5.8 billion in limited ordinary shares as an incentive attribution beyond regular remuneration, covering more than 97% of his workforce.

In addition to the increase in wages, Bank of America intensifies efforts to expand its workforce. Over the next five years, the company plans to hire 10,000 people with military history and 8,000 community colleges, targeting new financial centers on growth markets. This wave of hiring accompanies its enlarged remuneration structure, both which aim to improve job opportunities and promote economic resilience in poorly served communities.

Bank of America did not immediately respond to FortuneComment request.

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