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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