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July 6, 2022, 8:45 a.m. EDT

Truist to boost minimum wage to $22 an hour

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By Tomi Kilgore

Truist Financial Corp. /zigman2/quotes/200481602/composite TFC +1.15% said Wednesday it will raise its U.S. minimum wage to $22 an hour, effective Oct. 1. The financial services company's previous minimum hourly wage was $15 to $18, based on geography. Truist's stock slipped 0.7% in premarket trading. The company said the new wage will impact about 14,000 employees, including 81% in client-facing roles. "This critical investment in our teammates further rewards the positive impact they make to provide a distinctive client experience and deliver on our purpose to inspire and build better lives and communities," said Kimberly Moore-Wright, Truist's chief teammate officer. The new minimum wage matches that of Bank of America Corp. /zigman2/quotes/200894270/composite BAC +1.08% , which said in May that it was raising its hourly minimum wage to $22, effective at the end of June, from $21. Truist's stock has lost 11.1% over the past three months through Tuesday, while BofA shares have dropped 21.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.19% has declined 14.5%.

/zigman2/quotes/200481602/composite
US : U.S.: NYSE
$ 52.01
+0.59 +1.15%
Volume: 3.36M
Aug. 16, 2022 4:00p
P/E Ratio
11.79
Dividend Yield
4.00%
Market Cap
$68.20 billion
Rev. per Employee
$438,897
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 36.64
+0.39 +1.08%
Volume: 31.87M
Aug. 16, 2022 4:00p
P/E Ratio
11.44
Dividend Yield
2.40%
Market Cap
$291.28 billion
Rev. per Employee
$481,207
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/zigman2/quotes/210599714/realtime
US : S&P US
4,305.20
+8.06 +0.19%
Volume: 2.22B
Aug. 16, 2022 5:48p
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