Shares of Bank of America Corp. rose 1.5% in premarket trading Monday, after the moneycenter bank said it raised its U.S. minimum wage of $22 an hour, effective at the end of June. The increase is from $21 an hour in October 2021, and has now increased 47% from $15 an hour in five years, and part of its plan to raise the minimum wage to $25 an hour by 2025. BofA’s stock has dropped 23.9% year to date through Friday, while the SPDR Financial Select Sector ETF has shed 15.7% and the S&P 500 has declined 18.1%.
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