Headquarters: Cincinnati, Ohio
CEO: Greg Carmichael
Ranked: 358th on the Fortune 500
Year Founded: 1858
Employees: 18,000 (2017)
Big Banks are giving back under the Republican Tax Plan! This “Company Spotlight” looks into Fortune 500 company, Fifth Third Bank.
Fifth Third exemplifies one of the best uses of the increased profit under President Trump’s tax plan last year. Not only is the company giving one-time $1,000 bonuses to 13,000 of their 18,000 employees – but they announced a pay raise for hourly employees to $15/hr. Even better, Fifth Third knows the value in their everyday employees. They announced that although 75% of the workforce is receiving either a pay raise or bonus, senior level management and executives are not eligible for either.
CEO Greg Carmichael credited the bonuses and wage increase to the Republican tax plan and the decrease of the corporate tax rate for 2018 — but the real accomplishment here is how Fifth Third invested in their employees.
“We want to invest in our most important asset – our people,” Carmichael said. He continued that investing in their workforce not only supports their employees and families, but the community. “I also believe it is the right thing to do.”
If you’re a Fifth Third employee, your 2018 has most definitely been a 5/3 better! Well done, Fifth Third.