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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 -0.64% 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 -0.14% , 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 +0.40% has declined 14.5%.

/zigman2/quotes/200481602/composite
US : U.S.: NYSE
$ 51.42
-0.33 -0.64%
Volume: 4.13M
Aug. 15, 2022 4:00p
P/E Ratio
11.66
Dividend Yield
4.05%
Market Cap
$68.64 billion
Rev. per Employee
$438,897
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 36.25
-0.05 -0.14%
Volume: 24.91M
Aug. 15, 2022 4:00p
P/E Ratio
11.32
Dividend Yield
2.43%
Market Cap
$291.68 billion
Rev. per Employee
$481,207
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/zigman2/quotes/210599714/realtime
US : S&P US
4,297.14
+16.99 +0.40%
Volume: 2.22B
Aug. 15, 2022 5:46p
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