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Truist Financial announced Wednesday that it will raise its minimum wage to $22 per hour nationwide beginning this fall.

About 14,000 employees will receive a raise, including employees in client-facing positions. The Charlotte-based bank employs over 50,000 people nationwide.

The new minimum wage is scheduled to go into effect on Oct. 1.

Truist’s current minimum wage ranges between $15-$18 hourly. Charlotte employees make an average of approximately $17.

The pay increase comes after a nationwide labor shortage. Truist is seeking to retain and hire new talent in the highly competitive market.

Truist is not the first bank to raise its minimum wage. Bank of America’s minimum wage rose to $22 an hour in May, and Well’s Fargo’s minimum wage rose to $22 last year.

Read the full story here.

Truist to Raise Minimum Wage to $22  was originally published on