America’s second-largest bank, Bank of America Corp. Recently announced that it will boost its minimum hourly wage to $25, by 2025. 

In January, JPMorgan Chase, the largest bank in the U.S., set their minimum wage at between $16 and $20. Other banking competitors set lower minimum wage goals. 

Bank of America’s strategy is to attract more employees as businesses start to reopen more fully with the easing of covid-19 restrictions.  

“A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America, in the company’s statement. “That includes providing strong pay and competitive benefits to help them and their families so that we continue to attract and retain the best talent.” 

As the U.S. economy rebounds from the pandemic, banks aren’t the only ones offering higher wages. A similar trend has been happening with retailers, fast-food chains, and ride-sharing apps alike.  

Research shows that increased minimum wage causes a ripple effect. Employers who are paying wages just above the minimum feel pressure to increase their wages to stand out from the competition and attract talent. 

“This will have a wage pressure up the line – we’ve absorbed it for many years,” said Brian Moynihan, Chief Executive Officer of Bank of America in an interview with CNN. “The key is for big companies like ours, is to set a standard.”  

Looking for a new opportunity in the finance industry? Check out our open Financial Services roles on our jobs page

Photo by Eduardo Soares on Unsplash

PwC Is Again the ‘Most Prestigious Accounting Firm’

And the award for the “Most Prestigious Accounting Firm” goes to… wait for it… PwC.

It’s the 12th straight year the US branch of the international accounting and business services firm

PricewaterhouseCoopers International has placed first on the annual list of the top 50 prestigious firms.

Produced annually by careers site Vault, the rankings are based on some 10,000 surveys completed by accounting professionals. Among the questions, participants give a prestige ranking to firms other than their own.

From year to year, the firms making the top of the list haven’t varied much. This year’s rankings (for some reason Vault dates the list as 2021) are largely a repeat of last year’s with the big four accounting firms taking the top four places: 1-PwC; 2-Deloitte; 3- EY; and, 4-KPMG.

In fact, most of the firms on the list were there last year. Joining the list this year are Frazier & Deeter in 45th place; Warren Averett 47; and, Squar Milner 50.

What’s particularly striking about PwC is how it dominates Vault’s other lists:

  • #1 on the 2021 Vault Accounting 50
  • #2 on the 2021 Best Accounting Firms for Diversity
  • #1 in each of the three categories on the Best Practice Areas list.
  • Multiple rankings among the top 5 and 10 in the various categories on Vault’s 2021 Best Accounting Firms

So often rated so highly on these Vault lists that in reporting on the list released last week, the irreverent accounting blog GoingConcern suggested, “Vault might as well call it the PwC Most Prestigious Accounting Firm Award at this point.”