Seattle-based Washington Federal has announced that it will increase wages for certain employees, make investments in technology and increase its funding for charitable causes with the savings it will see as a result of the tax reform bill, which was passed yesterday.
Washington Federal said employees currently making less than $100,000 annually will receive a 5 percent merit-based increase, and that it will make additional investments in employee training and development. The bank also expects to significantly grow its technology workforce by 25 percent, open a new technology hub in Boise, Idaho, and make upgrades to its online banking platforms for business and retail customers.
In addition, Washington Federal President and CEO Brent Beardall said the bank will contribute an additional $5 million over the next five years to the Washington Federal Foundation, which supports nonprofits that support low and moderate-income individuals in the communities the bank serves.
A handful of other banks — including Fifth Third Bancorp, Wells Fargo and FirstCapital Bank of Texas — have announced similar compensation bonuses and charitable contributions as a result of tax reform. ABA will continue to highlight the ways in which banks are putting their tax savings to work to help their employees, customers and communities thrive.