Wells Fargo Says It Will Increase Minimum Hourly Wage For Over 20,000 U.S. Employees
March 04 2020 - 4:08PM
Dow Jones News
By Allison Prang
Wells Fargo & Co. is increasing its minimum hourly wage to
as much as $20 a hour in some of its markets by the end of this
year, the company said Wednesday.
The company said its pay increases will take place in the
majority of its markets in the U.S. and that hourly minimum wages
will vary from $15 to $20 depending on where its employees are
based. The pay bumps will affect over 20,000 of its employees in
the U.S., Wells said.
The last time Wells increased its hourly minimum wage was two
years ago when it raised it to $15 an hour, the company said.
With the new increases, Wells said the hourly minimum wage for
staff in its most expensive markets -- including San Francisco,
where the company is based, and New York -- will be $20. In Des
Moines and Charlotte, staffers' minimum hourly wage will be $16,
Wells said.
The company said it is going to "evaluate the hourly pay for
employees whose pay is at or near the new minimum hourly
wages."
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
March 04, 2020 15:53 ET (20:53 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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