“Banks in particular, they’re compelled to raise wages somewhat to recruit staff. So this is something they would be doing anyway, because there’s a tighter labor market and that’s what happens,” said Zipperer.
He also noted Bank of America’s announcement comes a day before Moynihans and other bank CEOs are set to testify before the House Financial Services Committee.
Zipperer said, “It’s hard to avoid noticing the particular timing of this announcement.”
Moynihan and his fellow bank CEOs are expected to answer tough questions from lawmakers regarding bank profits, consumer protection, executive pay, and regulatory issues.
