Bank of Montreal raises minimum wage for all U.S. employees to $20 an hour

Bank of Montreal
BMO,
+0.10%
said Monday that it will raise its minimum hourly wage for all U.S. employees to $20 an hour, starting March 12. The Toronto-based bank said the increase is the fourth one in the past 16 months, and follows the increase to $20 an hour for branch and customer contact center employees in August 2022. “BMO has one of the best teams in banking and we want to reward our team in a way that reinforces their value to our organization and is competitive with the market,” said Larissa Chaikowsky, chief human resources officer for the U.S. Meanwhile, the new minimum hourly wage is below the $22 an hour paid by Bank of America Corp.
BAC,
-0.16%
and Truist Financial Corp.
TFC,
-0.98%
BMO’s stock was down 0.5% in afternoon trading. It has gained 6.4% over the past three months, while the S&P 500
SPX,
-0.61%
has advanced 9.0%.