BIRMINGHAM, Ala. – Regions Financial Corp. today announced it will increase its minimum hourly wage to $15 by the end of 2018, part of a series of targeted, long-term investments to benefit its associates, customers, and the communities it serves.
Regions said it is making the investments in anticipation of the savings it will recognize as a result of federal tax reform intended to support economic growth.
“We understand that the growth of our company is based on the economic vitality of the communities where we do business, as well as the work from our team of talented associates who are committed to serving our customers every day,” said Regions chairman and CEO Grayson Hall. “The investments we are announcing today in our workforce, our communities and our company reflect our commitment to creating shared value and will support sustainable growth that ultimately benefits our customers and shareholders.”
Regions committed to the following actions:
• The minimum wage increase. This will benefit approximately 25 percent of the company’s workforce and is part of Regions’ ongoing effort to provide sustainable career paths and professional growth opportunities for all associates.
• Contributing $40 million to the company’s charitable foundation to support financial education, job training, economic development, and affordable housing, all of which help foster an environment of inclusive prosperity and create shared value for Regions’ customers, communities, and shareholders.
• Increasing the company’s capital expenditures budget by approximately $100 million, or 50%, over the 2017 level to support investments in facilities, technology, product innovation, and personalized service to meet customer needs.
About Regions Financial Corp.
Regions Financial Corporation, with $123 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 1,900 ATMs. Visit www.regions.com.