A week before its top leaders testify on Capitol Hill, Wells Fargo announced two new bank accounts with limited fees and higher minimum wages.
The week before its top leaders testify on Capitol Hill, Wells Fargo & Co. announced two new bank accounts with limited fees for consumers and said it will boost the minimum wage it pays employees in most U.S. locations.
The bank’s chief executive, Charlie Scharf, is set to testify in front of the House Financial Services Committee on Tuesday. Wells Fargo Chairwoman Betsy Duke and board member James Quigley will appear for their own hearing the following day. The minimum-wage change, meanwhile, will increase pay for more than 20,000 workers, the bank said Wednesday. The bottom wage will range from $15 to $20 an hour, depending on location. Employees in San Francisco and New York will get minimum hourly pay of $20, while those in Charlotte, N.C., and Des Moines, Iowa, will receive at least $16 an hour, the bank said.
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