PNC Financial to raise minimum wage by 20% to $18 an hour

PNC Financial Services Group Inc. said Monday it will raise its minimum wage to $18 an hour, starting Nov. 22, about three years after it raised it to $15 an hour. PNC's stock was still inactive in premarket trading. The financial services company said the pay rate increase will be for both PNC employees and for BBVA USA employees who are converting to PNC in October. "The company's decision to proactively boost its pay rate is intended to enhance employees' financial wellness; help PNC attract and retain the best talent; and ultimately strengthen the bank's competitive position in the marketplace," the company said in a statement. PNC had said in December 2017, after the new tax bill was signed into law, that it would raise the minimum wage to $15 an hour by the end of 2018. PNC's stock has rallied 30.5% year to date, while the SPDR Financial Select Sector ETF has climbed 32.3% and the S&P 500 has gained 20.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

PNC Financial to raise minimum wage by 20% to $18 an hour
PNC Financial Services Group Inc. said Monday it will raise its minimum wage to $18 an hour, starting Nov. 22, about three years after it raised it to $15 an hour. PNC's stock was still inactive in premarket trading. The financial services company said the pay rate increase will be for both PNC employees and for BBVA USA employees who are converting to PNC in October. "The company's decision to proactively boost its pay rate is intended to enhance employees' financial wellness; help PNC attract and retain the best talent; and ultimately strengthen the bank's competitive position in the marketplace," the company said in a statement. PNC had said in December 2017, after the new tax bill was signed into law, that it would raise the minimum wage to $15 an hour by the end of 2018. PNC's stock has rallied 30.5% year to date, while the SPDR Financial Select Sector ETF has climbed 32.3% and the S&P 500 has gained 20.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.