CINCINNATI—Fifth Third Bancorp today announced it will raise its minimum wage to $18 per hour for approximately 4,900 employees beginning Oct. 28. The increase recognizes the contributions of employees in driving not only the Bank’s success, but also the success of its customers.
“We’re pleased to invest in the people who, every day, deliver banking that is a Fifth Third better,” said Chairman, President and CEO Greg D. Carmichael. “A competitive compensation and benefits package is essential to our ability to attract and retain the industry’s best and brightest. It is that talent that differentiates Fifth Third and enables us to serve our customers with distinction.”
With this increase, Fifth Third will have raised its minimum hourly wage by 50% over the past two years. In January 2018, the Bank raised its minimum hourly rate from $12 to $15. That increase contributed to a 16% year-over-year reduction in employee turnover in 2018 in those jobs most affected by the minimum wage. Notably, the new $18 minimum hourly wage will primarily benefit employees in retail branches and operations support functions such as customer contact centers. The increase will not apply to employees who work on a commissioned basis, whose earnings are typically above the new minimum wage. For full-time employees currently making $15 an hour, the increase will amount to roughly $500 more per month on a pre-tax basis. It represents an additional investment, on an annualized basis, of approximately $15 million the Bank is making in its employees.
“This wage increase will make a meaningful difference in the lives of our employees,” said Chief Human Resources Officer Bob Shaffer. “It could ease a car payment, facilitate a student loan payment or signal the start of a savings plan for the future. Moreover, the increase—combined with other benefits such as the maternity concierge program, parental bonding leave, and a robust health and financial wellness program – enables Fifth Third to be an employer of choice. That’s a differentiator that pays off for customers, as they benefit from the experience, talent and engagement of a committed workforce.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank. As of June 30, 2019, Fifth Third had $169 billion in assets and operated 1,207 full-service Banking Centers and 2,551 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 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 is among the largest money managers in the Midwest and, as of June 30, 2019, had $399 billion in assets under care, of which it managed $46 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.