Tech Bank of America increases minimum wage to $21 as labor shortages push up compensation October 7, 2021October 7, 2021 Michelle Shen, USA TODAY Comments Off on Bank of America increases minimum wage to $21 as labor shortages push up compensation Bank of America announced a raise in its U.S. min wage to $21. The same week, Wells Fargo said banks would cut 100,000 jobs due to automation.