Truist Financial Corporation announced it will boost its minimum U.S. hourly pay rate to $22 effective Oct. 1 of this year. This increase is the company’s latest investment in key talent across the organization and positions Truist among the highest in the industry for minimum wage as part of a comprehensive Total Rewards program for its teammates.
“Truist strives to competitively compensate our teammates for the tremendous work they do for our clients and stakeholders, and we take a Total Rewards approach, including offering highly competitive wages, a robust wellness program, comprehensive benefits and an industry-leading 401(k) and pension program,” Kimberly Moore-Wright, chief teammate officer and head of enterprise diversity, said. “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.”
Previously, Truist’s minimum wage ranged from $15 to $18 per hour, based on geography. The new wage will positively impact approximately 14,000 Truist teammates, including 81% in client-facing roles primarily within its retail and small business banking businesses.
In line with its purpose, Truist’s minimum wage, along with its broader Total Rewards program, is reviewed annually to ensure Truist remains competitive across its markets and an employer of choice in the financial services industry.
Truist is the latest big bank based in Charlotte to raise its minimum wage in the competition for talent attraction and retention. Bank of America has raised its minimum wage to $22 an hour as of June, on track to $25 an hour in 2025. Wells Fargo & Co. increased its minimum hourly wage to $18 to $22, depending on location.
