Housing Wire: Fifth Third Bancorp to raise minimum wage to $18

Housing Wire, August 6, 2019: Fifth Third Bancorp to raise minimum wage to $18

Fifth Third Bancorp saw Bank of America’s recent minimum wage increase to $17 and raised them $1.

Starting in October, almost 5,000 Fifth Third Bancorp employees will see a nice boost in their paychecks. After raising its minimum hourly rate from $12 to $15 in January 2018, the bank will once again increase its rate, this time to $18 per hour, the company announced Tuesday.

“We’re pleased to invest in the people who, every day, deliver banking that is a Fifth Third better,” said Chairman, President and CEO Greg Carmichael. “A competitive compensation and benefits package is essential to our ability to attract and retain the industry’s best and brightest. It is that talent that differentiates Fifth Third and enables us to serve our customers with distinction.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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