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%.