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Bank of America will hike its minimum wage to $20

PeteEU said:
LOL a bank has minimum wage workers? Cant be that many...
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One of my ex-GFs was a teller in Wells Fargo back in the late 90's. She didnt make that much, just barely above minimum wage. It was awhile back so I dunno if its changed.
 
OrphanSlug said:
This is going to get spun a dozen different ways politically, and no one will care about the fine print.

The actual number of employees of their 205,000 is a bit of a mystery but stock reports (MarketWatch, CNBC, etc.) are suggesting it is probably somewhere in the 20,000 to 30,000 range. The main reason is employment numbers, especially for this sector, are pushing banks into raising their entry rates. Bank of America, Chase, PNC, Discover, American Express, and several others in the space already did this a few years ago on various paths to get to $15 per hour, $17 per hour, etc. working their way up to this new $20 per hour announcement. Banks, financial institutions, and consumer debt companies are all having to compete for labor resources and that has predictable outcomes on base pay rates.

The other thing to keep in mind is banks especially are sitting on a ton of cash at the moment, accumulations outweighing various corporate and consumer debt markets and we are not that far removed from several rounds of job eliminations across the financial sector. Wells Fargo got hauled up in front of Congress over this last year, that was on top of their various shenanigans involving everything from aggressive debt collections while people are serving overseas and the account creation fiasco resulting in all kinds of fines.

The point being it is good news for those employees and good news for our economic condition, but it is still a mixed bag being that these are the very same organizations Congress are concerned about for a host of reasons.

Meh... it is about all this is when considering the actual labor market impacted, and again this was a predictable result of the last several years activity out of the financial sector.
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Interesting perspective. Thanks.
 
Rogue Valley said:
Socialism!!!!

We're DOOMED!!!!!
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Nope, that's the market at work. If BAC thinks their employees are worth $20 +, then they can pay it. The difference between that and socialism is that there was government involvement.
 
Roadvirus said:
I can see it now: Some Liberal, union-loving chump will start pushing a $20/an hour for burger-flippers as a result of this.
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LOL, and yet another burger kiosk gets installed. :cool:
 
HenryChinaski said:
Cept’ for those grocery baggers and burger flippers out there with college degrees. It’s best never to make assumptions about those around you that you perceive lower on the food chain than yourself.
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If their college degrees meant more than something to hang on the wall they wouldn't BE flipping burgers. The market for STEM graduates is still pretty good.
 
Bullseye said:
If their college degrees meant more than something to hang on the wall they wouldn't BE flipping burgers. The market for STEM graduates is still pretty good.
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You're making assumption. You presume to know what their degrees are in and their personal circumstances which encapsulates a character flaw with right wingers. To them everything is black and white, one way or the other. However that's not reality.
 
HenryChinaski said:
You're making assumption. You presume to know what their degrees are in and their personal circumstances which encapsulates a character flaw with right wingers. To them everything is black and white, one way or the other. However that's not reality.
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The only presumption I'm making is that if they have a marketable degree they would choose to work in the profession they'd spent four or more years preparing for. This has nothing to do with right wing or left wing, it's based on close to thirty years working in a high tech fields and interviewing and hiring graduates with marketable degrees. Job fairs for STEM employers are swamped with applicants. And jobs still go wanting.
 
Bullseye said:
The market for STEM graduates is still pretty good.
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A Bachelor's in physics is worthless in the labor market. It's great if you go on to get a PhD, but otherwise it might as well be psychology.

Even within STEM, you should never invest in a degree without a clear plan for what you want to do with it.
 
AmNat said:
A Bachelor's in physics is worthless in the labor market. It's great if you go on to get a PhD, but otherwise it might as well be psychology.

Even within STEM, you should never invest in a degree without a clear plan for what you want to do with it.
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I'm guess that a BS in Physics would pay more than burger flipping. As would most STEM degrees. That was my point.
 
Bullseye said:
I'm guess that a BS in Physics would pay more than burger flipping.
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Not really. Undergraduate physics programs don't confer any employable skills, so if you enter the workforce with only a Bachelor's, you'll likely end up working somewhere that doesn't require a degree at all. Physics PhDs make a lot of money, but you definitely shouldn't study physics if you don't plan to go to grad school.

My point being that, whatever you study, you need to have an actual plan for what you're going to do with your degree. That goes for STEM too.
 
AmNat said:
Not really. Undergraduate physics programs don't confer any employable skills, so if you enter the workforce with only a Bachelor's, you'll likely end up working somewhere that doesn't require a degree at all. Physics PhDs make a lot of money, but you definitely shouldn't study physics if you don't plan to go to grad school.

My point being that, whatever you study, you need to have an actual plan for what you're going to do with your degree. That goes for STEM too.
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I understand your point, but beyond getting a job in your field or continuing on to graduate study I'm not sure how much planning can be done.
 
tres borrachos said:
The BofA employees who are making minimum wage are under most circumstances not educated beyond high school, which is the same as most grocery baggers and burger flippers.
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How do you know? Have you worked in that field?
 
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