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Industry Eyes Reform-Fueled Bonuses, Wage Increases at Banks

Bonuses to bank workers might impact credit unions when it comes to retaining employees.

By Tina Orem | Updated on December 28, 2017

Recent sweeping changes in tax rules have had many banks busy doling out celebratory raises and bonuses to thousands of employees lately — a move that could have ramifications for credit unions competing to attract and retain talent.

Many large banks are taking part in the bonus trend. Bank of America Corp., for instance, is reportedly giving out $1,000 bonuses to more than half its 210,000 employees. Winston-Salem, North Carolina-based BB&T, which has about $215 billion in assets, announced it was paying $1,200 bonuses to about 27,000 employees, and Cincinnati, Ohio-based Fifth Third Bancorp, which has about $140 billion in assets, said it plans to give more than 13,500 employees $1,000 bonuses as well.

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Tina Orem

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