Bank of America Corp. announced Tuesday that it will raise its company minimum wage to $20 over a two-year period, or by 2021.

The increase will occur in increments. On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021.

The company said the decision was part of its commitment to delivering sustainable, responsible growth through competitive benefits and programs that support the diverse needs of its over 205,000 employees.

“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America, in a statement.

“Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”

Since 2010, Bank of America’s minimum wage has increased by more than $4 per hour – two years ago, the company raised it to $15 per hour, and the minimum wage is higher today.

Bank of America is based in Charlotte, where it has about 15,000 workers. It has 139 branches in the state.

This announcement comes only a day before top executives of major banks, including Bank of America, will appear before the House Financial Services Committee hearing titled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.”

The company’s stock closed at $29.17 Monday, up 0.3 percent from Friday’s close.