• Email Address: hello@greenkeyllc.com
  • Phone Number: 888-368-5336
Submit Your Resume

Bank of America, Competitors to Raise Pay

06Jun
Green KeyFinancial Services

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

Photo by <a href=httpsunsplashcomtaylorgsimpsonutm source=unsplashutm medium=referralutm content=creditCopyText>Taylor Simpson<a> on <a href=httpsunsplashcomsphotosatmutm source=unsplashutm medium=referralutm content=creditCopyText>Unsplash<a>

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

Related Post

Financial Services, Leadership + Management
Jun 6, 2023

Bank Uses Lockdown to Train New Managers, Refresh Others

Financial Services, Leadership + Management
Jun 6, 2023

Bank Uses Lockdown to Train New Managers, Refresh Others

Just days before the UK announced a coronavirus lockdown, Lloyds Banking Group launched a training program for new line managers.

Even for seasoned managers, moving to an entirely virtual world while working remotely for the first time posed exceptional challenges. For new managers, it could have caused training to fall completely off the priority list.

Fortunately for the global firm, much of the program was online, and with the flexibility of reduced banking hours and few meetings, managers had more time for learning, said Sharon Hutchinson, Lloyds’ senior HR manager for management and leadership development.

Speaking at a virtual conference last month, Hutchinson explained that since the training program was designed in modules – some only 5 minutes; none longer than an hour – managers could access the program between other commitments. “People might have time either side of working commitments at the moment and the whole program is available across personal devices,” she said in report on the HR site PersonnelToday.com.

The program was designed around what Hutchinson said were “moments of truth” managers encountered in their day-to-day interactions. The development team tested the program with subject matter experts, learning representatives within different parts of the business, and with learners themselves.

“We wanted the learning to focus on those new to line management but offer something that would also benefit others. It could also be a springboard for more advanced training,” she said, adding that participation ““way exceeded our expectations.”

Two months into the launch, Hutchinson said 8,433 modules were started and 7,199 have been completed. “Business areas have really taken it on board – they feel now is a great time to raise their bench strength and get this cohort of new managers upskilled.”

Photo by Campaign Creators on Unsplash

[bdp_post_carousel]

Read Continue
Financial Services
Jun 6, 2023

Alternatives Investors Plan to ‘Stay the Course’ This Year

Financial Services
Jun 6, 2023

Alternatives Investors Plan to ‘Stay the Course’ This Year

Despite market volatility and an uncertain economic outlook, investors are committed to their alternative asset programs, declares Preqin in its half year investment update.

The majority of investors in alternatives say they intend to stay the course this year, telling Preqin they are satisfied with the performance of their portfolio over the last year.

“Almost all investors intend to either maintain (60%) or increase (33%) allocations to private capital, highlighting their confidence in the market and knowledge that funds that have invested through downturns and recessions have historically provided the best returns,” says Preqin.

The only sector where investors were solidly disappointed is natural resources. There, 58% said performance had fallen short of their expectations.

Hedge fund investors were evenly split between those saying performance failed to meet their expectations and those who said the opposite. But when those who felt the asset class had exceeded expectations are included, hedge funds came out on the positive side.

Preqin conducted its survey of institutional investors in June, before hedge funds had a third consecutive positive month. July was another strong month for the asset class. Preqin’s All-Strategies Hedge Fund benchmark turned positive for 2020 and improved the annual return to 5.46%.

Yet, even before knowing this, 44% of hedge fund investors said they expected to invest more capital in the class in the next year. Among the six asset classes, only private debt had a higher percentage of investors (48%) expecting to increase their investment.

Preqin alternative investment 2020.jpg

Fewer, however, foresee much improvement in their portfolios over the next 12 months. Preqin says hedge fund investors are the most optimistic with only 2-in-5 survey respondents expecting improvement. Private debt investors were not far behind, with 34% saying they expected improvement.

“In absolute terms investors expect their private capital portfolios to perform worse over the next 12 months, a finding that is in line with the economic devastation arising from the pandemic,” Preqin says, adding, “any investment will be hard pressed to perform well.”

“On balance, investors expect COVID-19 to have a slightly negative effect on the performance of their alternatives portfolios in the long term.”

Still, as Preqin noted, 63% of investors do not plan to change their strategy because of COVID-19; 29% intend to invest more vs. 7% that will invest less.

“The economic fallout from COVID-19,” declare Preqin, “Has not diminished investors’ appetite for alternatives.”

Photo by Estée Janssens on Unsplash

[bdp_post_carousel]

Read Continue
 
Required 'Candidate' login to applying this job. Click here to logout And try again
 
 

Answers

 

Account Activation

Before you can login, you must activate your account with the code sent to your email address. If you did not receive this email, please check your junk/spam folder. Click here to resend the activation email. If you entered an incorrect email address, you will need to re-register with the correct email address.