Wells Fargo is giving certain employees extra pay, with the largest bonuses going to those required to come into the office amid the coronavirus pandemic, according to news reports. The bank is also temporarily closing some of it branches nationwide and limiting hours of operation at all others.
The company will give a pre-tax bonus of $600 to its full-time U.S. staff earning less than $100,000 annually, while those working part time will earn an additional $300, according to a memo seen by Reuters.
Meanwhile, branch employees, call center workers and technology specialists — all of whom must continue coming in to work as much of the company works from home — will get an extra $200 per pay period, starting April 17, for up to five periods, the newswire writes, citing the memo signed by Wells Fargo CEO Charlie Scharf.
“During this global public health emergency, we are especially grateful for those of you who continue to come into our branches, contact centers and other offices to serve customers and colleagues,” the memo said, according to Reuters.
Wells Fargo will also skip a discretionary profit-sharing 401(k) contribution for 2019 due to the “extraordinary environment” as well as the firm’s performance, the newswire writes citing the memo.
A Wells Fargo spokeswoman confirmed the contents of the memo to Reuters.
Meanwhile, some Wells Fargo branches will close temporarily while others will only offer drive-through services, bank spokeswoman Beth Richek said Tuesday, declining to say how many branches would be closed, according to the Charlotte Observer.
Weekday hours of operation at the branches that will continue operating will be from 9:30 a.m. to 4:00 p.m., the newspaper writes, citing a press release from the company. Wells Fargo will move some employees from the closed branches to some of the busier ones staying open, the company says, according to the Charlotte Observer.
The newspaper found branches “all over the Charlotte area” closed as of Tuesday, the Charlotte Observer writes. Local media report closures of branches in other parts North Carolina, as well as in South Carolina, Florida, Georgia, Mississippi and California.
Wells Fargo is encouraging its customers to check which branches are open on its website.
Bank of America will pay an additional $200 every two weeks to employees unable to work from home, while the firm’s call center and operations employees will receive twice their regular pay for overtime work, rather than the standard time-and-a-half.
JPMorgan will pay an extra $500 in April and a further $500 in May to branch staff and employees at operations and call centers earning less than $60,000 annually.
This Monday, meanwhile, Citigroup said it would pay an extra $1,000 to U.S. employees earning $60,000 or less in base salary, according to Reuters.
Do you have a news tip you’d like to share with FA-IQ? Email us at email@example.com.