Skip to main content

Minneapolis-based U.S. Bank will raise the minimum wage for its employees to $20 an hour later this year.

In an announcement last week, the bank said all employees in the U.S. and Canada would make at least $20 an hour, effective in early November.

In June, U.S. Bank last increased its minimum wage from $15 an hour to $18 an hour, with the latest hike coming amid increasingly intense competition to hire workers.

The bank will also give a base pay increase of 3% to 35,000 hourly and salaried employees.

U.S. Bank, which NerdWallet ranks as the fifth largest bank in the country in terms of assets, cited inflation and other economic pressures as drivers in the decision.

“We know that the current economic and inflationary environment is presenting challenges for many people – including our employees,” said Elcio Barcelos, U.S. Bank chief human resources officer, in a statement.

The change will impact workers including front-line branch, call center and operations center employees. Employees affected by the raise are still eligible for merit pay increases in early 2023, U.S. Bank says. 

Next Up

Screen Shot 2022-09-25 at 11.50.33 AM

15-year-old Richfield football game shooting suspect arrested

A 16-year-old accused of instigating the altercation is also in custody.

Police tape

3 arrested after homicide, burglary in Inver Grove Heights

Charges of first-degree murder and first-degree burglary are pending.

fire, firefighter

Woman dies after becoming trapped in Waseca house fire

Police tried to enter the home but heavy smoke prevented them from getting inside.

ambulance

1 dead, 2 with life-threatening injuries in Minnesota crash

The crash happened just after 7:30 p.m. Friday.

Image (1)

School bus carrying students plunges into river southwest of Fargo

None of the kids suffered life-threatening injuries, though some were taken to area hospitals.

Richfield High School

Richfield High School cancels weekend events after shooting

Two men were shot outside the school's football stadium

Screen Shot 2022-09-23 at 10.21.38 PM

Sound of shots, mass panic at Richfield football game streamed live on YouTube

Gunfire caused panic at a varsity football game Friday night.

J. Gordon

K-9 search leads to $36K fentanyl seizure during traffic stop

A traffic stop was made after the vehicle was seen speeding through the area.

Screen Shot 2022-09-23 at 5.20.08 PM

Gov. Walz reacts to Tuesday death of Mankato West student

The governor is a former geography teacher at the high school.

court room

Teen pleads guilty to Minneapolis carjacking, admits to others

The man was yanked out of the vehicle by witnesses before fleeing the scene.

Related

Hennepin County Government Center

Hennepin County could institute $20 minimum wage for county employees

The full Board of Commissioners will vote on the measure next week.

Target store

Target raises its minimum wage to $15 ahead of schedule

Target originally set out to get to $15 an hour by the end of 2020.

Amazon increases minimum wage for its U.S. workers to $15

The retail giant employs thousands of people in Minnesota.

Flickr -  Bank Plaze Nov 2020 - Chad Davis

US Bank employees won't return to downtown Minneapolis office next month

The company, citing COVID's resurgence, has pushed back its office return plans.

image

Minnesota's minimum wage increases for 2023 revealed

The state has announced next year's minimum-wage rates.