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Photo: Justin Sullivan/Getty Images

Bank of America will pay its U.S. workforce at least $21 an hour, the bank announced Wednesday.

Why it matters: The increase — which means a large portion of the bank's 174,000 workers in the U.S. will get raises — puts Bank of America at nearly three times the minimum wage of $7.25 per hour, per CBS News.

The big picture: The bank announced in May plans to increase the company's minimum wage to $25 per hour by 2025.

  • Bank of America, the second-largest bank in the country, has a track record of raising its hourly minimum wage, with an increase to $15 in 2017, $17 in 2019 and $20 in 2020.
  • Bank of America also announced in May that it was requiring all of its U.S. vendors to pay their employees who are dedicated to the bank's business at or above $15 per hour.

What they're saying: "We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company," said chief human resources officer Sheri Bronstein, per the press release.

  • "Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same."

Go deeper: The impact of the $15 minimum wage

Go deeper

D.C. organizers start petition for tipped minimum wage

Photo: Chelsea Cirruzzo/Axios

Campaigners to raise tipped minimum wage began collecting signatures yesterday for a similar ballot initiative that voters approved in 2018 — only to be overruled by council members.

Details: Initiative 82 aims to gradually raise the minimum wage of tipped workers to full parity with minimum wage in D.C.

Banks see borrowing return

Data: FactSet; Chart: Axios Visuals

Lending profits helped boost Bank of America's and Morgan Stanley’s third quarter. 

  • Net interest income jumped 10% and 52%, respectively, over last year, the companies reported this morning. 
Ben Geman, author of Generate
8 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.