PROVIDENCE – Santander Holdings USA Inc. has increased its minimum wage to $20 per hour, the company announced in a news release.
The wage hike, which applies to all employees who work in the bank’s branches, call centers and corporate officers, marks a 16% increase over the starting hourly wages offered two years ago, the release stated. The new company minimum wage is nearly three times the federal minimum wage and also higher than the hourly rate offered by competitors, the company stated.
The increase in pay has already been applied to retail branch and operations team workers, with plans to raise wages for consumer bank operations workers in June, the release stated.
Santander has 29 branches in Rhode Island, according to PBN’s 2022 book of lists and the fourth-largest share of in-market deposits in Rhode Island as of June 30, 2021, according to the Federal Deposit Insurance Corp.
Nancy Lavin is a PBN staff writer. Email her at Lavin@PBN.com.
