Contagion. I want to see the CEO raises.
'SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced an expansion of its ongoing investments in team members, communities, small businesses, and homeownership, pledging the following actions once tax reform is signed into law:
Raising the minimum hourly pay rate for its team members to $15 per hour.
Targeting $400 million in donations to community and nonprofit organizations in 2018. The company also announced that beginning in 2019, it will target 2 percent of its after-tax profits for corporate philanthropy.
As part of this expanded philanthropy, targeting $100 million in capital and other resources over the next three years to support the growth of diverse small businesses and $75 million in 2018 to its NeighborhoodLIFT® program, an innovative public-private collaboration focused on sustainable homeownership and neighborhood revitalization.
“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” said President and CEO Tim Sloan. “We look forward to identifying additional opportunities for Wells Fargo to invest, as we continue to execute our business strategies and provide long-term value to all our stakeholders. As the nation’s largest small business lender and residential mortgage provider, we understand our significant role in helping grow the economy.”'
https://www.businesswire.com/news/home/20171220006100/en/Wells-Fargo-Raise-Minimum-Hourly-Pay-Rate