Fifth Third Bancorp Invests in Employees
December 20 2017 - 3:52PM
Business Wire
Bank Raises Minimum Hourly Wage to
$15
Fifth Third Bancorp announced plans today to raise its minimum
hourly wage for all employees to $15, and distribute a one-time
bonus of $1,000 for more than 13,500 employees. The actions are in
appreciation for the commitment employees show in supporting
customers and building stronger communities.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20171220006042/en/
Greg Carmichael, President and CEO, Fifth
Third Bancorp. (Photo: Business Wire)
Approximately 75 percent of employees will receive a pay
increase or bonus.
“We want to invest in our most important asset – our people,”
said Fifth Third President and CEO Greg Carmichael. “Our employees
drive our reputation, our business and our success.”
Newly passed tax legislation includes a reduction in corporate
tax rates designed to spur economic growth. Carmichael said the tax
cut allowed the Bank the opportunity to reevaluate its compensation
structure and share some of those benefits with its talented and
dedicated workforce.
Carmichael said the higher wage is an important step to help
support individuals, their families and the communities in which we
operate. Fifth Third has a history of investing in its 18,000
employees.
Once the legislation is signed into law, nearly 3,000 hourly
employees will see their pay increase to $15 an hour. The one-time
$1,000 bonus is expected to be distributed by the end of the year,
assuming the president signs the bill before Christmas. Senior
managers and executive leadership are excluded from this
compensation.
“It is good for our communities, employees and Fifth Third
Bank,” Carmichael said.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Sept. 30, 2017, the
Company had $142 billion in assets and operated 1,155 full-service
Banking Centers and 2,465 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. In total, Fifth Third provides its customers with
access to nearly 55,000 fee-free ATMs across the United States.
Fifth Third operates four main businesses: Commercial Banking,
Branch Banking, Consumer Lending and Wealth & Asset Management.
Fifth Third also has an 8.6 percent interest in Vantiv Holding,
LLC. Fifth Third is among the largest money managers in the Midwest
and, as of Sept. 30, 2017, had $348 billion in assets under care,
of which it managed $36 billion for individuals, corporations and
not-for-profit organizations through its Trust and Registered
Investment Advisory businesses. Investor information and press
releases can be viewed at www.53.com. Fifth Third’s common stock is
traded on the Nasdaq® Global Select Market under the symbol “FITB.”
Fifth Third Bank was established in 1858. Member FDIC.
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Fifth Third BancorpStacie Haas,
513-534-5113513-534-NEWS
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