Emergency Podcast: Bank of America Announces $25/hr Starting Salary (Translated: Bank of America Soon to Announce Layoffs To Offset Pay Wage Increase)

<p><strong>Breaking News as Bank of America</strong><a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/05/bank-of-america-increases-us-minimum-hourly-wage-to--25-by-2025.html"><strong> ONCE AGAIN announces a starting wage increase</strong></a><strong>. Last Year, they got to $20, and this year they announce an increase to $25/hr by 2025.&nbsp;</strong></p> <p><br></p> <p><strong>While it sounds all well and good, I discuss how this means THE END of tellers as we know it, as everyone on the branch level will be a skilled salesperson. I talk about the immense pressure that will only get worse as the wages go up. I also talk about how there will seemingly be mass layoffs and more closures of branches.</strong></p> <p><br></p> <p><strong>I also talk about how the branch managers of the world and people above the basement at BofA will actually not get as hefty an increase which will lead to those people leaving, to replace them with newcomers who start at $25/hr.</strong></p> <p><br></p> <p><br></p> <p><strong>I then talk about an interesting aspect of this, which is Bank of America mandating their "vendors" pay a $15/hr wage as well. This can be construed as Bank of America believes the minimum wage will be $15/hr at some point, as a lot of vendor employees make $9-$10 an hour now. I also talk about the small, mostly rural areas where these vendor call centers operate may close or end their contract with BofA as a result of this mandated "pay hike". Curious to see how this impacts service as well.</strong></p> <p><strong>So much to talk about in so little time. Check it out and let me know what you think!</strong></p> <p><br></p> <p><a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/05/bank-of-america-increases-us-minimum-hourly-wage-to--25-by-2025.html">Bank of America News Release</a></p> <p><a href="https://www.cnbc.com/2021/05/18/bank-of-america-says-it-will-boost-minimum-wage-to-25-an-hour-by-2025.html">Hugh Son's CNBC Article</a></p> <p><br></p> <p><br