(Reuters) – Wells Fargo & Co
The pay hikes, which will take effect by the end of 2020, will increase the wages for more than 20,000 U.S.-based employees and will be based on employee location. (https://reut.rs/3cvH0DU)
In recent years, Wells Fargo has increased its minimum hourly base pay in the U.S. by 32%, most recently to $15 in March 2018, the company said.
Employees working in the cities of New York or San Francisco will receive a minimum hourly pay rate of $20, while employees in Charlotte or Des Moines will receive a minimum of $16 per hour, according to the company.
Last year, Bank of America Corp
JPMorgan Chase & Co
The announcement from Wells Fargo comes a week before Chief Executive Officer Charles Scharf is scheduled to testify before the U.S. Congress over measures the bank taken related to its sales scandal.
(Reporting by Bharath Manjesh in Bengaluru and Imani Moise in New York; Editing by Shounak Dasgupta)