Bank of America announced Monday that it will be raise its minimum hourly wage from $17 to $20 by the end of the first quarter, over a year earlier than previously anticipated.

Bank of America, the second largest U.S. bank, has increased its minimum wage more than $8 per hour since 2010.

“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” said Sheri Bronstein, chief human resources officer at Bank of America.

The minimum wage increase comes a week after the company announced it will provide special compensation awards to about 95 percent of its workforce for the third consecutive year.

Bank of America shares were trading at $32.86 Tuesday, up 46 cents.