This national employer just raised its minimum wage to $21 an hour amid worker shortage
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Citigroup raise its minimum wage to $15 per hour the same year. Wells Fargo last year it would raise its minimum wage between $15 to $20 per hour, though not for all of the company’s U.S. labor force. While it increased wages for some, Wells Fargo recently released a report predicting automation will slash 10,000 banking jobs in the U.S. over the next few years, Bloomberg reported.
Technology is increasingly important to banks, including Bank of America. In its 2021 second quarter earnings presentation, the bank reported a record of 40.5 million digital users, growth of more than 1.2 million users year-over-year. Bank of America in a February 2021 press release said that that 70 percent of its clients were interacting with the company digitally.
To make digital interaction better, Bank of America introduced the “Erica” virtual assistant in 2018, explained USA Today. Around 7 million customers used Erica for the first time last year. As of this year, it has 17 million total users and has helped clients with more than 230 million requests.
Bank of America declined to comment whether its wage increase was a signal of layoffs and increased automation and digital investment, said USA Today. However, the company’s employee numbers have been declining for the past 10 years, from 288,000 in 2010 to 213,000 in 2020, according to investment research platform Macrotrends. In the very short past – since 2016 – employment numbers have been going up slightly, said the platform.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
October 11, 2021 at 3:21 PM #449266closeupreadyParticipant
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just keep pace with minimum wage in the 70’s. In addition, using traditional formulas, $21/hour (on a net, after-tax basis) won’t even rent you a closet in ANY metropolitan area.
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