Wells Fargo & Co will be a part of different large U.S. banks in paying out appropriate compensation to front-line workers.
The San Francisco-based financial institution stated all of its full-time home staff who make lower than $100,000 a year would receive a pre-tax payment of $600 and part-time employees would get a $300 bonus.
Front-line staff like branch employees, call-center workers and technology specialists who’re ordered to visit the office as others work from home due to COVID-19 pandemic will obtain an additional $200 a pay interval starting April 17 for as much as five paychecks, the memo mentioned.
Banks have largely been excluded from authorities-mandated shutdowns throughout the nation because they’re considered an essential trade by the federal government, which means most bank branches, call centers, and trading floors have stayed open. At the same time, many corporations send their staff home.
Earlier Monday, Citigroup stated it could pay $1,000 to U.S. employees who make $60,000 or much less in basic salary.
JPMorgan Chase, the largest U.S. bank by assets, said in a memo Friday it will give staff who’re staffing branches and call facilities through the coronavirus pandemic a onetime $1,000 bonus.
Bank of America can even pay an additional $200 per pay period to front-line workers in branches, name centers and operation facilities, with enhanced overtime pay.