Bank of America Raises Minimum Pay to $20/Hr.

[dlk]

Where’s the fanfare?

[link:http://www.npr.org/2019/04/09/711388419/bank-of-america-raising-its-minimum-wage-to-20-an-hour|

[David__77]

1. Good that some corporations are seeing the public opinion value of this.

...

[dlk]

2. It Will Take a Wide Resurgence of Unions Before Any Significant Inroads are Made into Better Pay

Generally, people and, of course, corporations, don't change until they have to. Unions provide a counterbalance to unbridled shareholder profits first, last and always in the marketplace. However, I'm happy to see Bank of America do the right thing for the right reasons. It is definitely a step in the right direction and it is hoped other corporations will follow in their footsteps.

[WeekiWater]

3. Automation has allowed B of A to cut over 100,00 jobs in the last decade.

Mostly lower wage jobs. The transition has also created some higher paying jobs within the corporation and from outsourcing. I see it as an overall plus though it does create some pain along the way. Most all B of A’s in the area my business is at went down to one teller a couple of years ago. It initially caused outrage but as people slid over to the automated processes they found they liked it, overall.

[Recursion]

5. B of A has more employees now than before the financial crisis

That's been a long term trend. People said ATMs would mean the end of tellers but there are more tellers now than there were before the ATM was introduced because it opened up new populations to banking that weren't banking before.

[WeekiWater]

6. B of A is a behemoth.

As I said, I think the automation is a good thing.

Bank of America CEO Moynihan says he cut jobs equal to the workforce of Delta Air Lines

The company went from a peak of about 305,000 workers to 204,000 last quarter, Bank of America CEO Brian Moynihan says.

10/16/2018

https://www.cnbc.com/2018/10/17/bank-of-america-ceo-brian-moynihan-on-cutting-100000-jobs.html

[Recursion]

7. I assume some of that was the time it took to digest Merril-Lynch?

Though they also seem to want to open more locations than Starbucks.

[WeekiWater]

8. It was over a decade and he linked it to automation. NT

[dlk]

4. This is Why Investment in Education and Retraining is Critical

As in the past, public schools have a role to play in educating the next generation of workers. This is one more reason why the Republicans decades-long assault on public schools has been so damaging to our country.

[TexasBushwhacker]

9. Another thread

https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2300672

[dlk]

10. After Jamie Dimon's Pathetic Performance at Katie Porter's Recent Congressional Questioning...

Perhaps he’ll get a clue and raise wages at JP Morgan Chase.