According to an internal memo from Wells Fargo & Co, the U.S. bank is set to join its peers in paying out a special compensation package to front-line employees.
San Francisco-based Wells Fargo said, it would provide all of its domestic full-time employees who make less than $100,000 a year a pre-tax payment of $600; part-time employees would get a $300 bonus as well.
According to the memo, front-line employees, including branch workers, technology specialists and call-center staff who are required to come into the office as opposed to those who can work from home because of the Wuhan coronavirus outbreak will receive an additional $200 per pay period starting April 17 for up to five paychecks.
“Management has also decided not to pay out a discretionary profit-sharing 401(k) contribution for 2019, citing the bank’s financial performance last year and the extraordinary environment,” said the memo signed by Charlie Scharf, Well Fargo’s Chief Executive.
“During this global public health emergency, we are especially grateful for those of you who continue to come into our branches, contact centers and other offices to serve customers and colleagues,” reads the memo.
Earlier on Monday, Citigroup Inc said it would pay $1,000 to U.S. employees who make $60,000 or less in base salary.
Last Friday, JPMorgan Chase & Co, the largest U.S. bank by assets, had stated, it would provide workers who are staffing branches and call centers through the coronavirus pandemic, a onetime $1,000 bonus.
Bank of America Corp will also be paying an additional $200 per pay period to front-line workers in branches, operation centers, and call centers along with enhanced overtime pay.