Bank of America

Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025. The bank will also mandate that vendors it does business with pay their employees at least $15 an hour. The bank says 99% of its vendors are already in compliance at that level.

The coronavirus pandemic has helped speed the establishment of employee disaster relief programs at companies nationwide. That's bringing more business to Charlotte-based E4E Relief, a subsidiary of the Foundation For The Carolinas that runs these kinds of programs.

Bank of America's annual meeting is Tuesday morning. Shareholders will elect the board of directors, approve executive pay and vote on other business, including four shareholder proposals the company opposes.

The Charlotte-based banking giant earned $8.1 billion in the quarter, equal to 86 cents per share, compared to a profit of $4.01 billion, or 40 cents a share, in the same period a year earlier.

Bank of America’s fourth-quarter profits fell 18% from a year ago, as lower interest rates weighed down its results. However the bank was able to release more than $800 million from its credit reserves, a sign that it sees the U.S. economy improving in the coming months.

At least four of the Charlotte area's top banks have signed on to the Time To Vote initiative, pledging to give employees up to three hours of paid time off to vote in the election.

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Revenues and profits at Bank of America fell during the fourth quarter amid a sharp drop in interest rates at the end of the year. But CEO Brian Moynihan…