Part Of A Nationwide Compensation Trend
March 10, 2020
Wells Fargo Bank has decided to raise the starting pay for its employees. Its part of a national move by the bank with wages depending on location.
Wages will rise from a base of $15 per hour to $18. San Francisco-based Wells Fargo, according to the Philadelphia Business Journal, is the Philadelphia region’s largest bank by deposits and also one of the largest local employers with more than 6,000 workers. Wells Fargo has more than 175 Philadelphia-area branches and local deposits of $29.1 billion.
While Philadelphia employees will receive a minimum hourly wage of $18, those in New York and San Francisco will earn $20 and those in Charlotte, North Carolina, and Des Moines, Iowa, will receive $16. The increases will take effect by the end of 2020 and impact more than 20,000 U.S.-based employees. Read more on Wells Fargo pay.
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