Citigroup Inc. will award special bonuses to employees under certain income thresholds as it seeks to stem the financial impact of the coronavirus pandemic.
In the U.S., employees who make $60,000 or less a year in base salary will receive a $1,000 payment, Chief Executive Officer Michael Corbat told employees in a memo. For workers based outside the U.S., the award will be based on “local market compensation levels,” he said.
“This is a challenging time for our families, communities and for our firm, but we’ve proven our ability to get through tough times before, and we’ll get through this one as well,” Corbat said in the memo.
Citigroup joins banks including Capital One Financial Corp. and JPMorgan Chase & Co. in giving special bonuses to lower-paid employees and those who are still required to come into the office as the deadly virus spreads.
Corbat said Citigroup plans to make the vast majority of its special payments in April. The company, with 200,000 employees, does business in more than 160 countries.
U.S. Bancorp, the country’s largest regional bank, said it will boost pay for front-line employees by 20% for four weeks. The raises go to 30,000 workers in branches, operations and call centers, field offices and critical service locations.
“Our branch, contact center and operations employees continue to play an essential role in ensuring we remain able to provide essential banking services to our customers,” CEO Andy Cecere said in a statement announcing the changes.
Wells Fargo & Co. is awarding extra payments to workers who earn base compensation of less than $100,000 and were employed by Wells Fargo for all of 2019, the San Francisco-based lender said Monday in a statement. Eligible full-time employees will get $600 before taxes while part-timers receive $300.
The bank will award additional payments to front-line employees including workers at branches and contact centers. Starting next month, they’ll get $200 per pay period for five periods if they are required to be in the office during that time.
News Source: Livemint