The outcome at Beneficial State may be hard for organizers to replicate at other banks, but it serves as a reminder that labor groups see an opportunity in an industry where many low-paid workers chafe against sales pressure.
Mastercard disclosed its gender pay gap for the first time on Monday, saying that its female employees worldwide make 7.8% less than the men. The company said it is working toward parity.
A study by the House Financial Services Committee on the industry’s efforts to hire and promote more women and minorities has sparked a dispute over whether banks should have to be more transparent about those efforts.
The BofA CEO’s $26.5 million salary was about the same as in 2018; investors hoping for quick riches still fall for cryptocurrency-based Ponzi schemes.
The country’s banks plan to raise overdraft rates to 40%, which has regulator watching; starting this year pay increases won’t be retroactive to Jan. 1.
The changes will mean a bigger gap between the best and worst borrowers; the bank will require companies they take public to have a ‘diverse’ board member.
The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.
Businesses scaled back investment plans in the third quarter, but consumers continued borrowing; the bank now plans to raise its minimum wage to $20 in 2020.
