Truist is the latest bank to raise its minimum wage. Here’s how much workers will make.
Truist Financial will raise its minimum wage to $22 per hour nationwide this fall, the company announced Wednesday.
About 14,000 employees will receive a raise, including 81% of employees in client-facing roles, the Charlotte-based bank said in its news release. Truist employs over 50,000 people across the U.S.
Spokesman Kyle Tarrance declined to say how many employees in Charlotte would receive a raise.
The new minimum wage will go into effect Oct. 1.
Truist’s current U.S. minimum wage ranges by region between $15-$18 hourly. The rate in Charlotte is about $17, according to Tarrance.
The move comes amid a nationwide labor shortage, as Truist seeks to retain and attract new talent in a highly competitive market.
Truist is far from the first Charlotte bank to raise its minimum wage in recent months, but its new wage is among the highest in the industry, according to the bank.
SunTrust and BB&T merged in 2019 to form Truist.
Minimum wage at other Charlotte banks
Here’s the minimum wage at some other banks in the Charlotte area:
▪ Bank of America raised its minimum to $22 an hour in May, part of its plan to reach a $25 minimum by 2025.
▪ Wells Fargo’s minimum wage rose last year to $18 to $22 an hour depending on the location of the worker.
▪ Ally Financial in September raised its minimum wage to $20 from $17.
▪ And Fifth Third Bancorp announced in April it would raise its minimum wage to $20. That increase took effect this week.
This story was originally published July 6, 2022 at 8:30 AM.
