Bank of America raises minimum wage to $22 an hour

Shares of Bank of America Corp. BAC, -1.71% rose 1.5% in premarket trading Monday, after the moneycenter bank said it raised its U.S. minimum wage of $22 an hour, effective at the end of June. The increase is from $21 an hour in October 2021, and has now increased 47% from $15 an hour in five years, and part of its plan to raise the minimum wage to $25 an hour by 2025. BofA’s stock has dropped 23.9% year to date through Friday, while the SPDR Financial Select Sector ETF XLF, -0.18% has shed 15.7% and the S&P 500 SPX, +0.01% has declined 18.1%.