Truist Financial Raising U.S. Minimum Wage to $22/Hour

Published: 2022-07-06 09:09:02 ET TFC

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 [email protected]

(END) Dow Jones Newswires

07-06-22 0908ET