Fellow bank Wells Fargo also announced that they will raise their staff minimum wage to $15 an hour and would also target $400 million in donations to community and non-profit organizations next year thanks to the Republican tax bill.
Aerospace company Boeing Co BA.N also said on Wednesday it would invest $300 million in workforce training and facilities enhancements for employees as its CEO lauded the tax bill.
Cincinnati-based Fifth Third, the fifteenth largest USA bank by asset size, said the tax cut allowed it to re-evaluate its employee pay and pass along some of the windfall.
The company reiterated a promise, first made in early November prior to the Justice Department lawsuit, to ramp up its capital spending by $1 billion in the U.S. AT&T said at the time that research shows that every $1 billion in capital invested in the telecom industry creates about 7,000 jobs for American workers. The official insisted on anonymity to discuss private conversations. Among other things, it will slice the corporate tax rate to 21% from 35%. The savings would generate billions of dollars in profits for companies, with economists generally estimating that roughly 75 percent would go to investors and 25 percent to workers. The President is expected to sign the bill in the coming days.
Amber Tamblyn Responds to Rose McGowan's Criticism of Black Dress Protest
McGowan took issue with Streep then too, sharing an article on Twitter and wrote, "No, Meryl, IT'S A F--ING CRIME". McGowan previously received a hefty payout from Harvey Weinstein to keep quiet about what had happened to her.
Obama's policy led to massive job and wage losses.
Two company spokesmen confirmed the announcement was tied to tax reform. By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy. Chicago-based Boeing, for example, had $8.8 billion at the end of 2016.
The Communication Workers of America, the union that represents many of those frontline workers, had demanded that employers guarantee the yearly $4,000 household wage increase that Republican lawmakers asserted would be the outcome of the tax cut.
Some of the cash windfall from corporate tax cuts is already trickling down to Main Street workers. Wells Fargo is facing an additional inquiry for wrongly charging fees to secure low mortgage rates.
Fifth Third Bancorp, a regional bank based in Cincinnati, said it will raise the minimum wage for all of its almost 3,000 hourly employees to $15, and would distribute a one-time bonus of $1,000 for more than 13,500 employees by the end of the year if the bill is signed by December 25.