SunTrust, Comerica banks raise minimum wage, invest in employees

Two banks have announced plans to raise the minimum wage to $15 per hour and invest savings from the tax cuts they received through the Republicans tax reform plan, which was passed in December.

Both SunTrust Banks and Comerica raised the minimum wage for their employees to $15 per hour. The banks made other investments as well.

SunTrust will give pay increases to 20 percent of its workforce and make a 1 percent 401(k) contribution to retirement savings for all employees, on top of the company’s 6 percent match.

In addition, SunTrust will offer a $1,000 financial incentive for all employees that complete the SunTrust Momentum onUp financial fitness program. The program provides wellness resources and programs for both individuals and companies.

Further, SunTrust will give an additional $50 million in community grants to national and local financial well-being efforts

“The anticipated benefits from tax reform allow us to build upon our purpose of Lighting the Way to Financial Well-Being in a sustainable way by implementing actions that will have a multi-year impact for many of the constituents that count on us,” SunTrust Chairman and CEO Bill Rogers said. “We believe tax reform will improve the competitiveness of American business and promote economic growth, and this gives us confidence to invest more in our company, our teammates, and the communities we serve.”

Comerica will also raise the minimum wage. In addition, it will give 4,500 non-officer employees a $1,000 bonus in January 2018.

“Comerica is dedicated to its colleagues. As valued team members, we understand how essential they are to Comerica’s success. We’re honored to be able to give back to our colleagues some of the benefit that our bank is receiving from the 2017 tax reform package,” Comerica Chairman and CEO Ralph Babb said. “When it comes to our team, the goal is to create a workplace where the best talent seeks employment. By having a highly competitive compensation package, and offering a range of development and other internal opportunities, we are doing just that.”

Comerica will also invest in tuition reimbursement, training and development, and employee benefits.

“By sharing this tax savings with our colleagues, we believe we are helping to create an economic stimulus, which also benefits our communities,” Babb said. “As a company, we have the opportunity to further invest in our infrastructure, which benefits our customers as well.”