Wells Fargo Says It Will Increase Minimum Hourly Wage For Over 20,000 U.S. Employees

   By Allison Prang 
 

Wells Fargo & Co. is increasing its minimum hourly wage to as much as $20 a hour in some of its markets by the end of this year, the company said Wednesday.

The company said its pay increases will take place in the majority of its markets in the U.S. and that hourly minimum wages will vary from $15 to $20 depending on where its employees are based. The pay bumps will affect over 20,000 of its employees in the U.S., Wells said.

The last time Wells increased its hourly minimum wage was two years ago when it raised it to $15 an hour, the company said.

With the new increases, Wells said the hourly minimum wage for staff in its most expensive markets -- including San Francisco, where the company is based, and New York -- will be $20. In Des Moines and Charlotte, staffers' minimum hourly wage will be $16, Wells said.

The company said it is going to "evaluate the hourly pay for employees whose pay is at or near the new minimum hourly wages."

Write to Allison Prang at [e-mail]

(END) Dow Jones Newswires

March 04, 2020 15:53 ET (20:53 GMT)

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