That will be the highest minimum wage paid by a major bank, putting pressure on competitors to do the same. Wages at major banks have risen in recent years as a result of demand from outside groups to counter income inequalities.
The bank would now require that suppliers for which it does business pay their employees a minimum wage of $15 per hour. According to the bank, 99 % of its vendors have already achieved that degree of compliance.
Democrats have been pushing to raise the minimum wage in all sectors for many years. President Joe Biden worked on increasing the federal minimum wage from $7.25 to $15 per hour. While the measure was not included in the $1.9 trillion economic stimulus package approved earlier this year, Democrats have promised to press for a minimum wage hike in a bill later this year.