Truist Raises Minimum Wage to $22 as Labor Market Heats Up

Truist Financial Corp. will raise its hourly minimum wage to $22, joining other big banks in boosting pay to deal with labor shortages.

The current minimum is $15 to $18 an hour, depending on location. The hike will begin Oct. 1 and affect around 14,000 workers in primarily client-facing retail and small-business banking roles, the Charlotte, North Carolina-based company said in a statement Wednesday.

“This critical investment in our teammates further rewards the positive impact they make to provide a distinctive client experience and deliver on our purpose to inspire and build better lives and communities,” Kimberly Moore-Wright, chief ...