Wells Fargo will increase the minimum wage in most of its US markets

(Reuters) – Wells Fargo & Co (WFC.N) He said Wednesday that he plans to raise the minimum wage to between $ 15 and $ 20 per hour for most of his US markets, joining other Wall Street banks that have increased hourly wages in recent years.

Salary increases, which will take effect in late 2020, will increase the salaries of more than 20,000 employees in the US. UU. And they will be based on the location of the employees. (reut.rs/3cvH0DU)

In recent years, Wells Fargo has increased its minimum hourly base salary in the US. UU. At 32%, most recently at $ 15 in March 2018, the company said.

Employees working in the cities of New York or San Francisco will receive a minimum hourly rate of $ 20, while employees in Charlotte or Des Moines will receive a minimum of $ 16 per hour, according to the company.

Last year, Bank of America Corp (BAC.N) said he would increase his minimum wage to $ 20 per hour for a period of two years.

JPMorgan Chase & Co (JPM.N) has increased hourly wages to between $ 15 and $ 18, but has received criticism from US lawmakers that it should increase it further.

Wells Fargo’s announcement comes a week before Executive President Charles Scharf testifies before the United States Congress about the measures the bank took in relation to its sales scandal.

Reports of Bharath Manjesh in Bangalore and Imani Moise in New York; Shounak Dasgupta Edition

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