Bank Raises Minimum Hourly Wage to $15
Fifth Third Bancorp announced plans today to raise its minimum hourly
wage for all employees to $15, and distribute a one-time bonus of $1,000
for more than 13,500 employees. The actions are in appreciation for the
commitment employees show in supporting customers and building stronger
communities.
Approximately 75 percent of employees will receive a pay increase or
bonus.
“We want to invest in our most important asset – our people,” said Fifth
Third President and CEO Greg Carmichael. “Our employees drive our
reputation, our business and our success.”
Newly passed tax legislation includes a reduction in corporate tax rates
designed to spur economic growth. Carmichael said the tax cut allowed
the Bank the opportunity to reevaluate its compensation structure and
share some of those benefits with its talented and dedicated workforce.
Carmichael said the higher wage is an important step to help support
individuals, their families and the communities in which we operate.
Fifth Third has a history of investing in its 18,000 employees.
Once the legislation is signed into law, nearly 3,000 hourly employees
will see their pay increase to $15 an hour. The one-time $1,000 bonus is
expected to be distributed by the end of the year, assuming the
president signs the bill before Christmas. Senior managers and executive
leadership are excluded from this compensation.
“It is good for our communities, employees and Fifth Third Bank,”
Carmichael said.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of Sept. 30, 2017, the Company had
$142 billion in assets and operated 1,155 full-service Banking Centers
and 2,465 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth
Third provides its customers with access to nearly 55,000 fee-free ATMs
across the United States. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third also has an 8.6 percent interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of Sept. 30, 2017, had $348 billion in assets under
care, of which it managed $36 billion for individuals, corporations and
not-for-profit organizations through its Trust and Registered Investment
Advisory businesses. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the Nasdaq® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC.
Fifth Third Bancorp
Stacie Haas, 513-534-5113
513-534-NEWS