Citigroup Quietly Adopts $15 Minimum Wage

The transcript discusses how banks are quietly increasing wages, with Citigroup raising its minimum wage to $15 an hour. This move follows similar actions by JP Morgan, Wells Fargo, and Bank of America. The discussion highlights the challenges banks face, such as pressure to address social issues like the income gap and gender diversity. Additionally, regulatory scrutiny on banker pay is expected to increase. The focus on social responsibility is seen as a strategic move during a tough time for banks.

Which bank has committed to raising its minimum wage to $20 an hour?

• Wells Fargo

• JP Morgan

• Citigroup

• Bank of America

Why might some banks choose to quietly raise their minimum wage?

• To focus on internal policies

• To reduce public backlash

• To avoid regulatory scrutiny

• To manage shareholder expectations

What is a significant challenge banks face regarding executive pay?

• Linking pay to performance

• Balancing pay with employee satisfaction

• Ensuring pay is competitive

• Addressing the disparity between executive and median employee pay

What societal issues are banks currently focusing on?

• Global expansion

• Environmental sustainability

• Income gap and gender diversity

• Technological innovation

What is one reason regulators are interested in banker pay?

• To increase tax revenue

• To promote financial stability

• To ensure fair competition

• To address societal concerns