According to cnn news, and confirmed by Bank of Ameria BOA and its stock symbol is BAC at the moment $29. Bank of American said it will raise the minimum wage for all its employees (205,000) to $20 an hour. Well not so fast there folks, don’t you all jump into Bank of America looking for jobs? such as bank teller which is probably the lowest paying position perhaps since I think janitor at Bank of America are contractor so they’re not necessary consider as Bank of America employee. So how this work? well BAC said they will start increase from $15 to $17 then to $20 by end of year 2021, well that’s a long way. There are also locality involve I believe, not all locations and branches, let say you live somewhere rural and living expense is cheap, you probably not going to $20 an hour I don’t think, we don’t know, there are lots of fine prints.
My personal opinion on this is that Bank of America is trying to gain popularity to recruit more talented people, and also making their bank popular, it’s part of the marketing strategy, someone should look at Bank of American marketing department to see if there were new hire or new project they’re working on to get more customers. I think it’s a great a move, but it could back fire if they can’t manage to pay $20 an hour for all its employees as minimum wage because of high over head expense, their profit will drop and their investors will leave and their bank will suffer, it’s a risky move.
Talking about risk, we take risk everything we do now a day, even me here typing I could get electrocuted by the monitor exploding or the ceiling roof of the house collapse on top of me, and so on and so forth, but luckily the good news is the risk can be calculate. That’s right you can calculate the risk, and I think that’s what Bank of America is doing, they calculate their risk and have lots of back up plan, and lastly the FDIC insured bank such as Bank of America will get saved by Government, so they’re pretty much calculated on their risk. Basically chance of succeed higher than failure. So folks, learn to take risks but calculated risk, not just any risk, if you want to take any risk then why not just double down your money or whatever in as casino.