Bank of America Corp.
BAC,
-0.41%
said Tuesday that it will raise its minimum hourly wage for U.S. employees to $25 by 2025. The announcement comes a little over a year after the bank raised its U.S. minimum wage to $20 an hour. BofA also said it now requires that all of its U.S. vendors, of which there are more than 2,000 with 43,000 employees, must pay their employees at least $15 an hour. "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 Chief Human Resources Officer Sheri Bronstein. "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." BofA's stock, which rose 0.2% in morning trading, has run up 86.7% over the past 12 months, while the SPDR Financial Select Sector ETF
XLF,
-0.43%
has rallied 71.4% over the past year and the S&P 500
SPX,
-0.01%
has advanced 41.1%.