Fifth Third Bancorp on Tuesday announced it will raise its minimum hourly wage to $18 for about 4,900 employees beginning October 28.
“Our employees continue to be our greatest asset,” said Randy Koporc, Regional President of Fifth Third Bank of Georgia. “I’m extremely proud to be the first regional bank to announce a wage increase to $18 an hour. This will help us attract and retain the best employees, who will ultimately help improve the lives of our customers and the community.”
This marks a nearly 50 percent wage increase over the past two years. The Cincinnati-based company raised its minimum wage from $12 to $15 per hour in January 2018.
The company said this will primarily benefit employees in retail branches and operations support functions such as customer contact centers.
“This wage increase will make a meaningful difference in the lives of our employees,” said Chief Human Resources Officer Bob Shaffer. “It could ease a car payment, facilitate a student loan payment or signal the start of a savings plan for the future."
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank.
As of June 30, 2019, Fifth Third had $169 billion in assets and operated 1,207 full-service Banking Centers and 2,551 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina.
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