Fifth Third Bancorp to Raise Minimum Hourly Wage to $18
August 06 2019 - 9:00AM
Business Wire
With 50% Increase in Minimum Hourly Rate over
Past Two Years, Bank Drives Improved Customer Experience, Employee
Engagement and Retention
Fifth Third Bancorp today announced it will raise its minimum
wage to $18 per hour for approximately 4,900 employees beginning
Oct. 28. The increase recognizes the contributions of employees in
driving not only the Bank’s success, but also the success of its
customers.
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the full release here:
https://www.businesswire.com/news/home/20190806005186/en/
Greg Carmichael, Fifth Third’s chairman,
president and CEO (Photo: Business Wire)
“We’re pleased to invest in the people who, every day, deliver
banking that is a Fifth Third better,” said Chairman, President and
CEO Greg D. Carmichael. “A competitive compensation and benefits
package is essential to our ability to attract and retain the
industry’s best and brightest. It is that talent that
differentiates Fifth Third and enables us to serve our customers
with distinction.”
With this increase, Fifth Third will have raised its minimum
hourly wage by 50% over the past two years. In January 2018, the
Bank raised its minimum hourly rate from $12 to $15. That increase
contributed to a 16% year-over-year reduction in employee turnover
in 2018 in those jobs most affected by the minimum wage. Notably,
the new $18 minimum hourly wage will primarily benefit employees in
retail branches and operations support functions such as customer
contact centers. The increase will not apply to employees who work
on a commissioned basis, whose earnings are typically above the new
minimum wage. For full-time employees currently making $15 an hour,
the increase will amount to roughly $500 more per month on a
pre-tax basis. It represents an additional investment, on an
annualized basis, of approximately $15 million the Bank is making
in its employees.
“This wage increase will make a meaningful difference in the
lives of our employees,” said Chief Human Resources Officer Bob
Shaffer. “It could ease a car payment, facilitate a student loan
payment or signal the start of a savings plan for the future.
Moreover, the increase – combined with other benefits such as the
maternity concierge program, parental bonding leave, and a robust
health and financial wellness program – enables Fifth Third to be
an employer of choice. That’s a differentiator that pays off for
customers, as they benefit from the experience, talent and
engagement of a committed workforce.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of June 30, 2019,
Fifth Third had $169 billion in assets and operated 1,207
full-service Banking Centers and 2,551 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
53,000 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 is among the
largest money managers in the Midwest and, as of June 30, 2019, had
$399 billion in assets under care, of which it managed $46 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. Deposit and Credit products are
offered by Fifth Third Bank. Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20190806005186/en/
Laura Trujillo (Media Relations) Laura.trujillo@53.com |
513-534-4361
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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