Two banks with significant presences in southeastern Wisconsin will boost their minimum wages for employees, making them the latest in a string of financial services companies to raise the starting hourly pay for workers.
Rosemont, Ill.-based Wintrust Bank — the parent company of Town Bank — and New York City-based JPMorgan Chase said separately they are increasing their firms' wage floor to $15 per hour. Both companies stated that the recent change in the U.S. tax code, which slashes the corporate tax rate significantly, was among the factors that spurred the decision.
Chase's and Wintrust's decision to lift their minimum pay follows similar moves by firms like U.S. Bank, Associated Bank — both of which hold considerable market share in the region — to lift wages to a minimum of $15 per hour in the wake of the new tax law.
Read more in the Milwaukee Business Journal.