Wells Fargo & Co will join other large U.S. banks in paying out special compensa...
) will join other large U.S. banks in paying out special compensation to front-line employees, according to a memo seen on Monday by Reuters.
The San Francisco-based bank said all of its domestic full-time employees who make less than $100,000 a year would receive a pre-tax payment of $600 and part-time employees would get a $300 bonus. Management has also decided not to pay out a discretionary profit-sharing 401 contribution for 2019, citing the bank’s financial performance last year and the “extraordinary environment,” said the memo signed by Chief Executive Charlie Scharf.
Earlier on Monday, Citigroup Inc said it would pay $1,000 to U.S. employees who make $60,000 or less in base salary.
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