Dive Brief:
- Truist will boost its minimum U.S. hourly pay rate to $22 this fall, the Charlotte, North Carolina-based bank announced Wednesday.
- The pay raise will affect roughly 14,000 Truist employees, including 81% in client-facing roles primarily within the bank’s retail and small-business banking units, the lender said in a press release.
- The minimum wage hike, which will go into effect Oct. 1, comes as other large banks including Bank of America and Wells Fargo have announced efforts to incrementally raise hourly wages amid a nationwide labor shortage.
Dive Insight:
By instituting a $22 minimum hourly wage, Truist joins a fellow Charlotte-based bank, Bank of America, in lifting its lowest pay rate to that level. Bank of America announced in May it would increase its minimum hourly wage to $22 from $21, as of the end of June. That’s one of several incremental pay boosts the bank has instituted in its pledge to raise hourly pay to $25 by 2025. Bank of America lifted its minimum wage to $15 per hour in 2017; $17 in 2019; $20 in 2020; and $21 in 2021.
San Francisco-based Wells Fargo, meanwhile, raised its minimum wage from $18 to $22 last year, based on the location of the worker, according to Reuters.
Truist positioned its increase Wednesday as part of the company’s Total Rewards program.
“Truist strives to competitively compensate our teammates for the tremendous work they do for our clients and stakeholders, and we take a Total Rewards approach, including offering highly competitive wages, a robust wellness program, comprehensive benefits and an industry-leading 401(k) and pension program," Kimberly Moore-Wright, Truist’s chief teammate officer and head of enterprise diversity, said in a statement. "This critical investment in our teammates further rewards the positive impact they make to provide a distinctive client experience and deliver on our purpose to inspire and build better lives and communities."
Truist's minimum wage currently ranges from $15 to $18 per hour, based on geography, according to the bank.
