Investor Alert

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

Truist to boost minimum wage to $22 an hour

Truist Financial Corp. (NYS:TFC) 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. (NYS:BAC) , 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 (S&P:SPX) has declined 14.5%.

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