fb-pixel Skip to main content

Bank of America to raise its minimum wage to $25 an hour by 2025

John Bazemore/Associated Press


Bank of America to raise its minimum wage to $25 an hour by 2025

Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025. It would be the highest minimum wage paid by a big bank and could pressure rivals to follow suit. Wages have been rising at major banks in recent years amid pressure from outside groups to address wealth inequality. The bank will also mandate that vendors it does business with pay their employees at least $15 an hour. The bank says 99 percent of its vendors are already in compliance at that level. Bank of America raised its minimum wage to $15 an hour in 2017, to $17 an hour in 2019, and to $20 an hour last year, all under CEO Brian Moynihan. The bank, based in Charlotte, N.C., has more than 210,000 employees. — ASSOCIATED PRESS



Google now lets you erase your recent search history

Ever wish you could delete the last thing you searched for on Google? Now Google will let you. Google announced the new feature Tuesday during its I/O software conference, part of a package of privacy controls the company is pushing out to appease consumers and regulators. Users now can tap on a tab inside their Google accounts to remove the last 15 minutes of search history. The company has offered a feature to clear search histories, but people have found that data useful for tools like Maps or been unaware of the ability to delete it. — BLOOMBERG NEWS


Biden administration repeals Trump-era rule on banking discrimination

The Biden administration announced Tuesday it would repeal the changes made by the Trump administration to an important law made to stop banks from discriminating against racial minorities and the poor. The Office of the Comptroller of the Currency, one of the nation’s bank regulators, said it plans to reconsider the regulations it wrote in 2020 governing a law known as the Community Reinvestment Act. The Civil Rights Era law requires banks to document how well they are lending to the communities that surround their branches, in an effort to make sure that banks are not just lending to the wealthy or to white customers. The OCC said it plans to start from scratch, and told banks to effectively ignore the 2020 changes while the agency rewrites the regulations. — ASSOCIATED PRESS



And the Webby goes to. . ..

Dr. Anthony Fauci, Oprah Winfrey, Ava DuVernay, Riz Ahmed, Dua Lipa, Andra Day, and Dwayne “The Rock” Johnson all won honors Tuesday at the Webby Awards, which recognize the best Internet content and creators. The Webby Person of the Year went to Fauci for using digital and social media to reach the masses with credible and factual COVID-19 information. DuVernay won the Film and Video Person of the Year trophy for her efforts creating a database to diversify Hollywood. This year marks the 25th anniversary Webby Awards, selected by the International Academy of Digital Arts & Sciences. — ASSOCIATED PRESS


The demise of dining appears to have been greatly exaggerated

A year ago experts predicted that one-third of the restaurants in America might close in 2020 as a result of the pandemic. Chef and activist Tom Colicchio said the number of casualties could go as high as 75 percent. New data from the National Restaurant Association, a Washington-based industry group, found that 90,000 restaurants across the United States have closed permanently or long-term. That’s less than 14 percent of the country’s restaurants. It’s lower than the 110,000 figure reported by the association in December, when the executive vice president for public affairs, Sean Kennedy, described the industry’s status as “an economic free fall.” While that’s still disastrous compared with the 50,000 restaurants that shutter in a typical year, the most dire scenarios were averted thanks to such initiatives as government loans like the Paycheck Protection Program and changes in local restrictions. — BLOOMBERG NEWS



Kia recalling more than 440,000 vehicles for a second time

Kia is recalling more than 440,000 cars and SUVs in the United States for a second time to fix a problem that can cause engine fires. And the automaker is telling owners to park them outdoors and away from structures because fires could happen when the engines aren’t running. The recall covers certain Optima sedans from 2013 through 2015 and Sorento SUVs from 2014 and 2015. The same vehicles were recalled last year because brake fluid can leak into a control computer, causing an electrical short. That can increase the risk of fire even when the vehicles are parked. — ASSOCIATED PRESS


Chase promotes two women to run consumer division

JPMorgan Chase will promote two women to jointly manage the bank’s consumer finance division — the bank’s biggest business by far — potentially signaling that a woman may eventually run the nation’s biggest bank. The bank said Tuesday that Marianne Lake, who was JPMorgan’s chief financial officer for several years until recently, and its current CFO Jennifer Piepszak will become co-CEOs of the consumer banking business. Gordon Smith, who has run that division for several years, plans to retire at the end of the year. The promotion of Lake and Piepszak into the bank’s second-most important post is a likely signal that Dimon, who has been at the helm of JPMorgan Chase since 2005, is leaning toward choosing a woman to lead the company after he retires. — ASSOCIATED PRESS



Customers sue Tesla over price hikes for roof product

Tesla customers in California and several East Coast states sued the company over what they called unexpected and steep price hikes for the company’s Solar Roof product. Chief executive Elon Musk first unveiled the Solar Roof idea in the fall of 2016, weeks before Tesla acquired solar-panel installer SolarCity for about $2 billion, a controversial move that has been challenged by shareholders. In early April, Tesla increased the cost of the Solar Roof by substantial amounts — in some cases, by more than 50 percent — after buyers had already committed to expensive preparation work, according to the complaint filed Monday in federal court in Northern California. — BLOOMBERG NEWS


Construction down in April because of lumber prices, supply problems

US home construction fell a surprisingly sharp 9.5 percent in April and economists attributed that partially builders to who delayed projects because of a surge in lumber prices and other supply constraints. The April decline left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department said Tuesday. That was down from a rate of 1.73 million units in March, which had been the best showing since the peak of the housing boom in 2006. — ASSOCIATED PRESS


Air France-KLM launches first long-haul flight with sustainable fuel

Air France-KLM is sending into the air what it calls its first long-haul flight with sustainable aviation fuel Tuesday. The plane is said to be using petroleum mixed with a synthetic jet fuel derived from waste cooking oils. The company said the move toward sustainable aviation fuel or SAF is to support the creation of an industry that guarantees increasingly eco-responsible air transport. The jet is flying from Paris to Montreal, with a fuel mixture including 16 percent of sustainable fuel. — ASSOCIATED PRESS