Truist Financial Raising U.S. Minimum Wage to $22/Hour
July 06 2022 - 9:23AM
Dow Jones News
By Colin Kellaher
Truist Financial Corp. on Wednesday unveiled plans to boost its
minimum wage by up to 47% for some employees in a bid to attract
and retain workers amid surging inflation and a nationwide labor
shortage.
The Charlotte, N.C., financial-services company said it will
raise its minimum U.S. hourly pay rate to $22 on Oct. 1 from a
current minimum that ranges from $15 to $18 based on geography.
Truist said roughly 14,000 employees will reap the benefits of
the new wage, including 81% in client-facing roles, primarily
within its retail and small-business banking businesses.
Bank of America Corp., the second-largest U.S. bank by assets,
in May said it was raising its U.S. minimum hourly wage to $22 as a
step in its plans to boost the rate to $25 by 2025.
Several other big banks, including Wells Fargo & Co.,
Citigroup Inc. and JPMorgan Chase & Co. have taken steps in
recent years to increase their pay rates.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 06, 2022 09:08 ET (13:08 GMT)
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