Wells Fargo, Fifth Third Bancorp unveil minimum wage hikes after tax bill passage

Source: CNBC | December 20, 2017 | Liz Moyer

Fifth Third Bancorp will pay more than 13,500 employees a bonus and raise the minimum wage of its workforce to $15 an hour after the passage of the Republican tax plan that will cut the bank’s corporate tax rate.

Fifth Third is yet another company to announce a bonus for employees because of the tax plan. AT&T said earlier Wednesday that it would pay more than 200,000 U.S. employees $1,000 each and increase its capital spending budget by $1 billion.

Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour, which was prompted by the tax plan. The San Francisco-based bank also said it would target $400 million in donations to community and nonprofit organizations next year.

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