Regions Bank is planning to boost its hourly minimum wage to $15 for 5,000 employees thanks to savings from the corporate tax rate reduction in the GOP’s tax reform law.
The Birmingham-based bank announced the pay raises for employees after the passage of $1.5 trillion tax plan. The GOP’s tax plan is the first major overhaul of U.S. tax laws in 31 years.
The bank will phase in the hourly pay increase in coming months. It is expected to impact approximately 335 Louisiana-based workers and 25 percent of Regions’ total workforce.
In addition, the bank plans to increase its capital expenditures by approximately $100 million over its 2017 level to support investments in facilities, technology, products and customer service.
Regions Financial Corp. has $123 billion in assets approximately 1,500 banking offices and 1,900 ATMs in the South, Midwest and Texas.