BMO Harris Bank said Tuesday it will raise its U.S. minimum hourly wage for full- and part-time branch and customer contact center employees to $18 an hour beginning Oct. 17. The bank said the new wage level will impact new hires, as well as any current employees who earn below the new minimum base pay for their position.
Chicago-based BMO Harris Bank is the U.S. banking arm of Toronto-based BMO Financial Group.
The move comes shortly after BMO Financial Group announced in September that it would require that all North American employees and contractors get vaccinated against COVID-19 by Oct. 31 or be subjected to twice-weekly testing for COVID-19.
BMO Harris is the fifth-largest bank operating in the Valley, with more than 40 offices and more than $4 billion in local deposits, according to Phoenix Business Journal research.