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Wells Fargo to give extra pay to most U.S. workers amid crisis

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Wells Fargo is joining peers in awarding extra payments to employees as the bank deals with the coronavirus pandemic.

Payments go 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. Lenders including Citigroup and JPMorgan Chase awarded bonuses to lower-paid employees and those who must work from the office as the deadly virus spreads.

The award to approximately 170,000 staff “recognizes how hard employees are working on our journey to transform Wells Fargo and reflects our commitment to take care of those that need our help the most,” Chief Executive Officer Charlie Scharf and human-resources head David Galloreese said in the statement.

Wells Fargo also said that it will not be making a profit-sharing contribution for 2019 to its 401(k) plan due to last year’s financial performance and “the extraordinary environment we are currently living through.”

Bloomberg News