170,000 Wells Fargo employees to get bonuses during the coronavirus pandemic

Wells Fargo told workers late Monday that it was giving all employees making less than $100,000 per year a bonus, the latest bank to announce extra pay for some employees in the wake of the novel coronavirus pandemic.

Full-time workers will get a $600 pre-tax bonus, while part-time workers will get $300, according to a company memo by CEO Charlie Scharf and head of human resources David Galloreese. International employees who qualify will get a bonus “tailored to local compensation and competitive practices,” the executives wrote. In total, about 170,000 Wells employees will get the bonus.

Those Wells Fargo classifies as “front line” will be paid even more. Workers in branches, operations, technology and some support roles will get an extra $200 every other week, capped at 10 weeks and only for those making less than $100,000.

This pay is conditional on the worker being required to be in the office.

In announcing the bonuses, Wells also disclosed that it would not make a profit-sharing contribution to the company’s 401(k) plan, due to “Wells Fargo’s financial performance last year and the extraordinary environment we are currently living through.”

The move makes Wells the latest bank with a large Charlotte presence to offer more money to workers during the COVID-19 pandemic.

Truist, the Charlotte-based combination of BB&T and SunTrust, said last week that it was giving three-quarters of its workers a $1,200 pre-tax bonus, among other perks. Bank of America said it will give all branch workers a $200 bonus every two weeks as it reduces branch hours nationwide.

On top of the extra pay for most workers, Wells announced late last week that it was donating $175 million to help communities deal with the pandemic.

San Francisco-based Wells Fargo employs about 260,000 people, with about 27,000 in Charlotte, the largest of any city the bank is in.

This story was originally published March 24, 2020 at 10:48 AM.