Wells Fargo and Fifth Third have announced that they’re giving special year-end bonuses and/or implementing pay rises for hourly wage workers after Trump’s tax reforms are passed into law.
Fifth Third will give several employees a $1,000 year-end bonus, and hourly workers will see the minimum pay go up to $15/hour. In all, about 75% of its workforce is expected to either see a bonus or an hourly pay rise.
Wells Fargo is following suit on the minimum hourly wage to $15/hour, up from the $13.50 it announced in January of this year.
The bank is also increasing its 2018 philanthropy budget to $400 million, up 40% from this year. Starting in 2019, 2% of its after-tax profits will be given away to good causes.
The banks join telecom majors AT&T and Comcast in doling out employee benefits based on the Tax Cuts and Jobs Act. Other industries are presumably poised to make their related announcements soon.
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