While many organizations are announcing layoffs and hiring freezes, Bank of America announced that it has hired more than 2,000 new employees in March alone and will not be doing any layoffs or job reductions in 2020 as a result of the pandemic. They also raised their U.S. minimum hourly wage to $20.
“Our 208,000 teammates around the world are our No. 1 priority and are critical to our path forward. It’s because of their continued focus to making financial lives better that we can keep the wheels turning and be there for our millions of clients. That’s why we won’t be doing any layoffs or job reductions in 2020 as a result of coronavirus. In fact, during March alone, we welcomed more than 2,000 new teammates to our company in the U.S. in consumer and operations functions,” Bank of America’s vice chairman Anne Finucane told CNBC this week (3/31/2020).
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