Charlotte, NC, February 15, 2026
Bank of America has made significant strides in executive compensation and employee welfare by raising the minimum wage to $25 per hour while approving $41 million for CEO Brian Moynihan. The bank’s innovative B2B payment solutions aim to boost operational efficiency, demonstrating a commitment to the local economy in Charlotte, NC. Meanwhile, advancements in AI technology are reshaping operations, ensuring future productivity and growth in an evolving financial landscape.
Charlotte:
Bank of America’s Strategic Moves: Boosting Pay, Innovating B2B Payments, and Shaping the Economy
Charlotte, NC’s financial landscape is dynamically influenced by the strategic decisions of its corporate giants. Recent announcements from Bank of America highlight significant investments in executive leadership, workforce well-being, and cutting-edge business solutions, reflecting a commitment to both robust financial performance and community impact. These developments underscore themes of entrepreneurial innovation and the role of private sector leadership in fostering economic growth within North Carolina and beyond.
As a hub for finance and innovation, Charlotte continues to see its key players drive economic momentum. Bank of America, a cornerstone of the Charlotte NC business community, demonstrates how large enterprises can navigate evolving markets by investing in human capital and technological advancements. This approach aligns with a broader vision of prosperity, where strong private initiative contributes to a thriving environment for North Carolina entrepreneurs and Charlotte small business owners alike.
Executive Leadership and Performance Compensation
The leadership at major financial institutions is often a topic of interest, reflecting market dynamics and performance. Bank of America’s Board of Directors approved a total compensation package of $41 million for Chair and Chief Executive Officer Brian T. Moynihan for the year 2025. This marks a 17% increase from his $35 million compensation in 2024, which itself was a 21% boost from his 2023 compensation of $29 million. This compensation package included a base salary of $1.5 million and the remaining amount allocated to equity incentives. The Board considered the company’s 2025 performance, including a 13% net income growth, 7% revenue growth, balance sheet strength, expense management, a low net charge-off ratio, and shareholder returns in determining this compensation. Other major financial institutions have seen similar increases in executive compensation, reflecting a strong year for the financial sector. For example, Goldman Sachs boosted CEO David Solomon’s pay by 21% to $47 million.
Comparatively, in the healthcare sector, Advocate Health CEO Gene Woods’ compensation surged to $25.8 million in 2024, a 49 percent jump from the $17.3 million he earned the previous year. His total pay leading Atrium Health’s parent company has more than quadrupled since 2017.
Investing in the Workforce: Minimum Wage Increases
A significant commitment to employee welfare has been demonstrated through Bank of America’s progressive increases in its minimum hourly wage nationwide. The bank has raised its U.S. minimum hourly wage to $25 per hour, a goal it set to achieve by 2025. This increase, effective in early October, applies to all full-time and part-time hourly positions in the U.S.. With this adjustment, the minimum annualized salary for full-time employees in the U.S. will exceed $50,000. This represents a significant increase from under $15 per hour in 2017, meaning the starting salary for full-time U.S. employees at the bank will have gone up by more than $20,000 since then. The bank also boosted pay for bank tellers by $400 a month and reduced daily work shifts by at least two hours in March 2020. These initiatives aim to help the workforce navigate economic conditions and stimulate economic growth.
Enhancing Business Efficiency with B2B Payment Solutions
Beyond internal investments, Bank of America supports the broader Charlotte NC business community through advanced financial services. Boost B2B offers a comprehensive suite of payment solutions for businesses, including credit card processing and merchant account services. These solutions are designed to streamline operations and enhance efficiency for businesses engaging in business-to-business transactions. Boost Payment Solutions is recognized as a global leader in B2B payments, utilizing proprietary technology to connect buyers and suppliers worldwide and eliminate friction in enterprise-level B2B payments. Such innovations are vital for Charlotte small business owners looking to optimize their financial processes and maintain a competitive edge in a fast-evolving market.
The Evolving Role of Artificial Intelligence
Technological advancement, particularly in artificial intelligence, is reshaping the financial industry. Bank of America CEO Brian Moynihan has acknowledged that AI is shrinking some departments nationwide, even as the bank boosts its minimum wage. However, this shift is not solely about reduction; it also involves redeploying and re-skilling employees for roles where machines cannot replicate human work. Bank of America is actively investing in AI and new technology initiatives, allocating $4 billion in 2025, which represents nearly a third of its overall technology budget. The bank has equipped over 95% of its employees with enterprise-grade generative AI tools, leading to measurable improvements in speed, accuracy, and client engagement. AI is being used in areas such as underwriting, fraud detection, customer service, and to enhance employee productivity, supporting wealth advisors and modernizing training.
Strong Financial Performance Driven by Consumer Lending
Bank of America’s robust financial performance underscores its stability and capacity for these significant investments. Consumer lending has been a key driver, boosting Bank of America’s Q1 earnings. In the first quarter of 2022, the bank reported net earnings of $7.1 billion, continuing momentum from record net income in 2021. More recently, in the first quarter of 2025, Bank of America reported net income of $7.4 billion, an increase from the prior year. Revenue, net of interest expense, reached $27.4 billion, growing 6% year-over-year. This consistent financial strength allows the bank to invest in its workforce and innovative solutions, benefiting the broader economy and supporting the ecosystem for North Carolina entrepreneurs.
Conclusion: A Forward-Looking Approach for Charlotte’s Economy
Bank of America’s recent actions, from competitive executive compensation reflecting strong financial performance to substantial investments in employee wages and advanced B2B payment solutions, illustrate a multi-faceted approach to economic engagement. While adapting to technological shifts like AI-driven departmental changes, the bank prioritizes re-skilling its workforce, ensuring continued personal achievement and resilience. These strategic decisions by a major financial institution headquartered in Charlotte contribute significantly to the local business environment, fostering job creation and supporting the infrastructure necessary for Charlotte NC business growth and innovation.
We encourage our readers to recognize the dynamic interplay between large corporate entities and the local economy. Supporting Charlotte small business ventures and staying informed about economic trends are essential ways to contribute to our city’s vibrant future.
Frequently Asked Questions
- What was Bank of America CEO Brian Moynihan’s compensation for 2025?
- Bank of America’s Board of Directors approved a total compensation package of $41 million for Chair and Chief Executive Officer Brian T. Moynihan for the year 2025.
- How much was Bank of America CEO Brian Moynihan’s compensation for 2024?
- Bank of America CEO Brian Moynihan’s compensation was $35 million for 2024.
- What is Bank of America’s minimum hourly wage?
- Bank of America raised its U.S. minimum hourly wage to $25 per hour, effective early October.
- What are the core offerings of Boost B2B payment solutions?
- Boost B2B offers a comprehensive suite of payment solutions for businesses, including credit card processing and merchant account services.
- How did consumer lending contribute to Bank of America’s Q1 earnings in 2022?
- Consumer lending boosted Bank of America’s Q1 earnings in 2022, with the bank reporting net earnings of $7.1 billion.
- What impact is AI having on Bank of America’s departments?
- Bank of America’s CEO has acknowledged that AI is shrinking some departments, even as the bank boosts its minimum wage. However, AI is also enhancing employee productivity, supporting wealth advisors, and modernizing training.
- What was the compensation for Advocate Health CEO Gene Woods in 2024?
- Advocate Health CEO Gene Woods’ compensation surged to $25.8 million in 2024, a 49 percent jump from the previous year.
Key Features of Bank of America’s Recent Strategies
| Strategic Area | Details | Scope |
|---|---|---|
| Executive Compensation (Brian Moynihan) | $41 million for 2025 (17% increase from 2024) | Nationwide |
| Minimum Hourly Wage | Raised to $25 per hour (effective early October) | Nationwide |
| B2B Payment Solutions | Comprehensive suite including credit card processing and merchant account services (Boost B2B) | Nationwide |
| Impact of AI | Shrinking some departments; enhancing employee productivity, supporting wealth advisors, and modernizing training | Nationwide |
| Q1 Earnings Performance (2022) | $7.1 billion net earnings, boosted by consumer lending | Nationwide |
| Q1 Earnings Performance (2025) | $7.4 billion net income, 6% year-over-year revenue growth | Nationwide |
| AI Investment | $4 billion allocated in 2025 (nearly a third of total technology budget) | Nationwide |
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Author: HERE Charlotte
The CHARLOTTE STAFF WRITER represents the experienced team at HERECharlotte.com, your go-to source for actionable local news and information in Charlotte, Mecklenburg County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Lovin' Life Music Festival, Charlotte Pride festival, and major sporting tournaments at Bank of America Stadium. Our coverage extends to key organizations like the Charlotte Regional Business Alliance and Foundation for the Carolinas, plus leading businesses in finance and entertainment that power the local economy such as Bank of America and NASCAR. As part of the broader HERE network, including HEREAsheville.com, HEREGreensboro.com, HERERaleigh.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
