{"id":114756,"date":"2021-05-20T23:06:35","date_gmt":"2021-05-20T23:06:35","guid":{"rendered":"https:\/\/fin2me.com\/?p=114756"},"modified":"2021-05-20T23:06:35","modified_gmt":"2021-05-20T23:06:35","slug":"bank-of-america-willing-to-pay-what-it-takes-to-hire-best-talent-ceo-says","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/bank-of-america-willing-to-pay-what-it-takes-to-hire-best-talent-ceo-says\/","title":{"rendered":"Bank of America &#x27;willing to pay what it takes&#x27; to hire best talent, CEO says"},"content":{"rendered":"<ul>\n<li>&quot;We want that kind of talent in our company and we&#x27;re willing to pay what it takes to get it,&quot; Moynihan told CNBC&#x27;s Jim Cramer in a &quot;Mad Money&quot; interview.<\/li>\n<li>Moynihan&#x27;s comments came after Bank of America announced Tuesday that it would hike its minimum wage to $25 per hour by 2025. <\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>BAC<\/span><\/li>\n<\/ul>\n<p>Bank of America wants to attract and retain the best talent, and the bank is willing to pay extra for it, CEO Brian Moynihan said Thursday. <\/p>\n<p>&quot;We want that kind of talent in our company and we&#x27;re willing to pay what it takes to get it,&quot; Moynihan told CNBC&#x27;s Jim Cramer in a &quot;Mad Money&quot; interview. <\/p>\n<p>Moynihan&#x27;s comments came after Bank of America announced Tuesday that it would hike its minimum wage to $25 per hour by 2025. The move also puts pressure on U.S. vendors working with Bank of America to pay their employees at least $15 per hour.<\/p>\n<p>&quot;We&#x27;re pushing the wages up because, frankly, we want our teammates to have a career mindset when they join us and then stay with us,&quot; the executive said.<\/p>\n<p>Moynihan also said the bank \u2014 the second-biggest by assets in the U.S. \u2014 is seeing positive reception among staff since it began considering raising wages a decade ago. This is the third consecutive year that the Charlotte, N.C.-based bank announced a plan to increase wages.<\/p>\n<p>Bank of America&#x27;s minimum wage rose to $20 in March 2020 from $17 in 2019. Meanwhile, employee turnover fell to 7% in 2020 from 11% the year prior, according to information provided to shareholders this past March. <\/p>\n<p>&quot;Turnover is way down, the people are more committed to the company, they do a better job for our teammates,&quot; Moynihan said Thursday. &quot;You can&#x27;t think of a year [in] which those teammates had to do a lot for our customers and clients, which was last year up until now in a pandemic.&quot;<\/p>\n<p>Moynihan also told Cramer that the company did not lay off branch workers during the Covid-19 pandemic.<\/p>\n<p>Bank of America shares slid 0.24% on Thursday to close at $41.87. The stock has rallied 38% year to date.<\/p>\n<p>Questions for Cramer?<br \/> Call Cramer: 1-800-743-CNBC<\/p>\n<p>Want to take a deep dive into Cramer&#x27;s world? Hit him up!<br \/> Mad Money Twitter &#8211; Jim Cramer Twitter &#8211; Facebook &#8211; Instagram<\/p>\n<p>Questions, comments, suggestions for the &quot;Mad Money&quot; website? madcap@cnbc.com<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/20\/bank-of-america-willing-to-pay-what-it-takes-to-hire-best-talent-ceo-says.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&quot;We want that kind of talent in our company and we&#x27;re willing to pay what it takes to get it,&quot; Moynihan told CNBC&#x27;s Jim Cramer [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":114755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of America &#x27;willing to pay what it takes&#x27; 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