ATLANTA, Dec. 28, 2017 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) is taking a series of actions to invest savings from tax reform in supporting the financial wellness of its workforce and communities.
"The anticipated benefits from tax reform allow us to build upon our purpose of Lighting the Way to Financial Well-Being in a sustainable way by implementing actions that will have a multi-year impact for many of the constituents that count on us," said Bill Rogers, SunTrust chairman and CEO. "We believe tax reform will improve the competitiveness of American business and promote economic growth, and this gives us confidence to invest more in our company, our teammates and the communities we serve."
SunTrust has made the following commitments:
- $50 million in additional community grants to national and local financial well-being efforts
- Minimum wage increase to $15 per hour
- Merit base pay increases for certain other hourly teammates (approximately 20 percent of workforce)
- A one percent 401(k) contribution to retirement savings for all teammates, in addition to the company's six percent match opportunity
- $1,000 financial incentive for all teammates that complete the SunTrust Momentum onUp financial fitness program
Introduced in 2016, the onUp movement led by SunTrust offers financial wellness resources and programs for both individuals and companies. To date, more than 2.5 million people have taken steps to reduce financial stress and achieve greater financial well-being.
SunTrust has a long history of investing in teammates and communities, while providing expertise and solutions for clients to achieve financial confidence. The company also gives all teammates a day off each year to focus on their personal finances, as well as paid time off to volunteer in the community.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2017, SunTrust had total assets of $208 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com
SOURCE SunTrust Banks, Inc.