Following the newly-enacted tax reform bill, Citizens Financial Group became the latest financial institution to announce it is investing more money in its employees. The bank announced Tuesday it is investing a total of $22.5 million into its employees and the communities it serves.
The bank announced its plans to provide 12,500 of its employees with one-time $1,000 cash bonuses, totaling $12.5 million. Citizens Financial said in a press release that this grant will benefit employees under a certain compensation threshold and cover more than 70% of the bank’s workforce. Citizens Financial joins several institutions that have announced bonuses or wage increases for employees after the president signed the tax reform bill, which slashes the corporate tax rate from 35% to 21%, into law.
“Corporate tax reform provides us with an opportunity to recognize the role our colleagues have played in delivering better results for customers and shareholders, and to positively impact the communities where we live, work and play,” said Bruce Van Saun, chairman and chief executive officer of Citizens Financial Group.
The bank is also contributing $10 million to its charitable organization, Citizens Charitable Foundation, to further its impact on the communities it serves and to benefit its partners. Citizens Financial’s foundation focuses on improving financial literacy, helping to provide affordable housing, fight hunger and supporting economic development across the bank’s footprint.