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A person using an automated teller machine at a Bank of America bank branch in San Francisco in April 2021. Photo: David Paul Morris/Bloomberg via Getty Images

Bank of America announced in a statement Tuesday it will raise its U.S. minimum hourly wage to $25 by 2025.

Why it matters: The bank says its base hourly pay will have increased by more than 121% since 2010, which is a bump of nearly $14 per hour.

Context: Bank of America raised its minimum hourly wage to $20 last year and to $17 in 2019.

What they're saying: "A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America.

  • “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent."

The big picture: The bank also said all its U.S. vendors are now required to pay their employees at or above $15 per hour.

  • Over 99% of the company’s U.S. vendor firms and vendor employees make the $15-per-hour rate or above.

Go deeper

Updated Aug 19, 2021 - Axios Events

Watch: A conversation on health access in the Latino community

On Thursday, August 19, Axios hosted a virtual event on closing gaps to health access in the Latino community. Axios Justice & Race Reporter Russ Contreras and Politics Reporter Stef Kight hosted one-on-one conversations with Representative, Texas' 16th Congressional District The Honorable Veronica Escobar; practicing cardiologist and Chief Medical Correspondent at Univision Juan J. Rivera, M.D.; and Chief CRA Officer and Community Banking & Development Executive at Bank of America Alberto Garofalo.

The Honorable Veronica Escobar unpacked COVID-19’s impact on her community, opening the ports between Mexico and the U.S., and governmental responsibility in vaccination efforts.

  • On the effect COVID-19 had on El Paso, Texas: “We became a national hotspot… for a couple of reasons. Latino populations are especially vulnerable because of lack of access to health insurance…. primary care and high rates of being essential workers. But also because we're on the border and Mexico, which at the time was not testing, tracing and mitigating at the same levels. We were doubly at risk.”
  • Her thoughts on Texas Governor Greg Abbott testing positive for COVID-19: “I hope that it's a wake up call for many Texans in terms of getting vaccinated, but I also wish the governor a very speedy recovery. I hope it's a wake up call for him as well…. I hope that while he is convalescing with the best care around him, he realizes that the vast majority of Texans don't have that, and he has a change of heart.”

Juan J. Rivera, M.D discussed the health care inequities for Latinos in the U.S., Latinos’ heightened risk factors, and the importance of preventative medicine.

  • His thoughts on why Latinos seem to be particularly vulnerable to COVID-19: “It's a population with less access to primary care and preventative care. So when it comes to diabetes, heart disease, hypertension and obesity, which now we know are risk factors for the severity of COVID-19, the prevalence of those in the Hispanic community are tremendous. It attacked a vulnerable population to begin with.”
  • On vaccine hesitation among Latinos: “I think there's a lot of misinformation… on the Internet. If you have, let's say, 25 or 30 percent of Latinos — including undocumented immigrants — that don't have access to... a primary care doctor, that's going to be their source of information. So it's very easy for them to encounter misinformation.”

Axios Chief People Officer Dominique Taylor hosted a View from the Top segment with Chief CRA Officer and Community Banking & Development Executive at Bank of America Alberto Garofalo, who discussed the work Bank of America is doing to support the Latino community.

  • “We're delivering on the $1.25 billion commitment over a five year period to specifically advance racial equality and economic opportunity... This effort further accelerates the work already underway to create opportunities for people of color through direct action, investments and work to catalyze similar efforts across the private sector. It includes things like financing, philanthropy, and the focus is primarily on jobs and reskilling, affordable housing, health and small businesses.”

Thank you Bank of America for sponsoring this event.

Ben Geman, author of Generate
6 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.

Updated 9 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."

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