Updated July 9, 2022 9:49 am ET / Original July 8, 2022 9:56 pm ET
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Brian Moynihan, CEO of Bank of America Jason Alden/Bloomberg
Bank of America has emerged as one of the nation’s most resilient banks, thanks to CEO Brian Moynihan’s “responsible growth” strategy. It informs everything, from how BofA evaluates new business opportunities to how it compensates employees.
The bank has pledged to pay its workers at least $25 an hour by 2025, making it a leader in the industry. It’s an effort that Moynihan says will make the bank stronger. “You have to be the best place for teammates to work…and our view is that we want people to have a career mind-set,” Moynihan says.