Top Stories
Top Stories

Higher wages work in the financial industry, BankUnited CEO says

BankUnited CEO on wages

BankUnited Chairman & CEO John Kanas said Wednesday he was surprised to hear that some financial institutions were still paying workers $10 an hour as opposed to $15.

"We don't have any employees that are making less than $15 an hour," said Kanas, whose company employs 1,700 people in its Florida and New York markets.

He explained on "Closing Bell" that increased hourly wages help in "attracting the right kind of employees." The talk of wage hikes follows Jamie Dimon's announcement on Tuesday that JPMorgan Chase will give minimum wage workers a raise.

Kanas pointed out that "while [financial institutions] are paying these people ... a higher hourly wage; there's fewer of them." He said total bank tellers in the U.S. have gone "down about 20 percent in the last couple of years."

Kanas said technology has mainly driven the reduction.