Wells Fargo & Co announced it is lifting its minimum wage base range to $13.50 to $17 per hour for entry-level positions. That increase marks a 12% increase from March 2016 and a 19% increase from December 2013.
The San Francisco-based bank most recently paid entry-level employees $12 to $16 per hour.
Diana Rodriguez, a bank spokeswoman, said the bank aims to be an employer of choice and regularly reviews its pay rates and compensation.
“That is what drove making that decision,” Rodriguez said. “We will continue to understand what that pay raise looks like in that landscape. This is not a final destination. We will continue to make these assessments and make necessary adjustments over time.”
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