Banks Continue to Announce Wage Hikes, Bonuses, Community Investments

Bank announcements of post-tax reform employee bonuses, wage hikes and community investments continue to come in. Most recently:

  • Discover announced that it would raise its minimum wage to $15.25 per hour and that it had paid a $1,000 bonus to more than 15,000 non-executive employees.
  • Umpqua Bank, based in Portland, Ore., announced in its latest earnings call that it had paid $3.2 million in employee profit-sharing and contributed $2 million to the Umpqua Bank Charitable Foundation as a result of the tax bill.
  • Rio Bank, San Juan, Texas, paid all employees a $1,000 bonus.

This will be the final regular update in ABA Daily Newsbytes on post-tax reform actions, but ABA will continue to update its page at aba.com/EnergizingTheEconomy.