BMO Harris Bank today announced it will increase its minimum wage to $15 per hour, effective immediately.
The Canadian bank, which has its U.S. headquarters in Chicago and about 600 branches in the U.S., has a significant presence in the Milwaukee market. It has more than 45,000 employees companywide.
The company said it would also up its philanthropic giving by 10 percent this year. Last year, it donated more than $17 million to charities in its geographic markets focused on community and economic development, health and human services, education and the arts. BMO Financial Group, the bank’s parent company, has about $576.7 billion in total assets.
BMO attributed the increases to the new federal tax law.
“We’re pleased to share the benefits of the strong economic conditions, and the effects of the recent tax reform changes, with our employees and communities,” said David Casper, president and chief executive officer of BMO Harris Bank. “Our success is tied directly to the communities we serve, and we’re proud of the exceptional job our employees do in providing a great customer experience.”
