A quick scan of the headlines shortly after Congress completed the new tax bill before going into its Christmas recess showed a wide range of reactions to the news, but you can likely count some Fifth Third Bank employees as among those at least favorable to the results of the changes being made by their employer.
Fifth Third Bancorp announced plans just ahead of the Christmas vacation to raise minimum hourly wage rates for all employees to $15, and distribute a one-time bonus of $1,000 for more than 13,500 employees. The bank says the actions are in appreciation for the commitment employees show in supporting customers and building stronger communities.
Approximately 75-percent of employees will receive a pay increase or bonus.
Greg Carmichael is President & CEO of Fifth Third Bank. He says, “We want to invest in our most important asset – our people.” He adds, “Our employees drive our reputation, our business and our success.”
Newly passed tax legislation includes a reduction in corporate tax rates designed to spur economic growth. Carmichael said the tax cut allowed the bank the opportunity to reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce.
Carmichael said the higher wage is an important step to help support individuals, their families and the communities in which they operate, noting, “Fifth Third has a history of investing in its 18,000 employees.”
Once the legislation is signed into law, nearly 3,000 hourly employees will see their pay increase to $15 an hour. The one-time $1,000 bonus was expected to be distributed by the end of the year. Senior managers and executive leadership are excluded from that compensation. Carmichael called the move, “Good for our communities, employees and Fifth Third Bank.”
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, with operations throughout Michigan’s Great Southwest. As of Sept. 30, 2017, the company had $142 billion in assets and operated 1,155 full-service Banking Centers and 2,465 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
In total, Fifth Third provides its customers with access to nearly 55,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third also has an 8.6-percent interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2017, had $348 billion in assets under care, of which it managed $36 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Fifth Third Bank was established in 1858.
