CHARLOTTE, N.C.—The Bank of America announced April 9 that it will raise its minimum wage to $20 an hour for all its 205,000 employees. “With the success our company has,” CEO Brian Moynihan told MSNBC, “we have to share that success with our teammates.” The company will raise its minimum from $15 to $17 on May 1 and bring it up to $20 in 2021. The bank, SEIU President Mary Kay Henry said in a statement, “is racing to raise wages for their lowest-paid employees thanks to the brave workers in the Fight for $15 and a Union movement whose strikes, protests, and organizing on the job have made $15 and a union a demand that cannot be ignored.” “We’ve changed both the conversation around pay and the reality in paychecks for tens of millions of workers,” added St. Louis McDonald’s worker and Fight for $15 leader Dashia Hill, urging Congress to set $15 as the national minimum wage. Bank of America increased its minimum from $13.50 to $15 an hour in 2017, and JPMorgan Chase also raised its minimum to $15 last year. Bank of America paid Moynihan $26.5 million last year, 15% more than in 2017.