Wells Fargo raises hourly minimum wage to $15, also to donate $400 million in 2018
Wells Fargo & Co. said late Wednesday that it will raise its hourly minimum wage to $15 and plans to give $400 million to community and nonprofit organizations in 2018. Wells Fargo stock is flat at $60.14 after hours. The wage hike for U.S. employees is an 11% raise from $13.50, which the bank announced in 2017, the company said. San Francisco, where Wells Fargo is headquartered, recently voted to raise its minimum wage to $15 by 2018. The $400 million philanthropic effort is a 40% increase from 2017, the company said, and will include gifts to the Untied Way, Habitat for Humanity as well as several programs the bank runs to provide small businesses access to capital and people with help buying homes. A fake-accounts scandal first made public in 2016 has continued to drag on the company. Wells Fargo stock is up 9.1% this year, as the S&P 500 index has gained 20%.
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