(Bloomberg) -- PNC Financial Services Group Inc. said it will raise its hourly minimum wage to $18 an hour from $15, joining the ranks of firms increasing pay amid labor shortages.
The wage hike will take effect Nov. 22 and will affect staff from Banco Bilbao Vizcaya Argentaria SA who will join Pittsburgh-based PNC in October following its acquisition of the Spanish bank's U.S. business, according to a statement Monday. PNC said it will be the fifth-largest U.S. bank after the purchase is complete, with more than $554 billion in assets.
“Our employees are our most precious resource, and by investing in them, we invest in our future,” Vicki Henn, executive vice president and chief human resources officer for PNC, said in the statement. “PNC's success is dependent on the well-being of our employees, so it's critical that we continue to offer a total rewards package that includes competitive benefits and pay, reflecting our long-term commitment to their well-being.”
Companies including McDonald's Corp., Amazon.com Inc., Chipotle Mexican Grill Inc. and Costco Wholesale Corp. have announced wage increases this year. Among finance and insurance companies, Bank of America Corp. announced in May it would bump its hourly rate to $25 an hour by 2025 from the current $20, and MetLife Inc. said earlier this month it's raising its U.S. minimum wage to $20 an hour from $15.
Read more: MetLife Raises Minimum Wage for U.S. Employees to $20 an Hour
PNC had 51,257 employees as of December, close to 30,000 of whom are tied to its retail-banking business.
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