Truist plans $1,200 pre-tax bonus to most employees

Truist Financial Corp. said Friday it is providing a $1,200 pre-tax bonus to all employees whose base pay is below $100,000 annually. That is expected to benefit about 78%, or about 46,000 of its 59,000 employees on Dec. 31.

“This is to help alleviate some of the financial pressures caused by this pandemic, and to help recognize the focus on our clients’ needs even as many of our teammates may be facing personal challenges at home,” Truist said.

Truist had 2,134 employees in Forsyth County, according to a 2018 workforce report to Forsyth commissioners. It also has about 1,700 employees at its Triad Corporate Center complex in Greensboro.

In January 2018, nearly three-fourths of BB&T Corp.’s employees were paid a one-time $1,200 bonus as part of the bank’s response to the controversial corporate tax rate cut signed into law in December 2017 by President Donald Trump. The tax cut reduced corporate rates from 35% to 21%.

At that time, about 27,000 BB&T employees received the bonus. The bank also raised in January 2017 its minimum hourly wage to $15 from $12.

For customers, Truist said it is instituting a minimum 90-day forbearance period on mortgage payments. Legacy BB&T customers can call (800) 827-3722, option 9, while legacy SunTrust customers can call (800) 443-1032.

Richard Craver

Walmart announces bonus pay for hourly workers

Walmart said Friday it will provide a $300 cash bonus to all full-time hourly employees and a $150 bonus to part-time employees as part of its response to the COVID-19 pandemic.

The discount retailer said the bonus is a reward for employees’ “hard work and dedication to serving customers in a time of an unprecedented national health crisis.” Every hourly associate as of March 1 will qualify. The bonus will paid April 2.

The retailer said Thursday it plans to hire up to 150,000 employees through May 31 for its stores, clubs, distribution centers and fulfillment centers. Most jobs will start as temporary at first, “but many will convert to permanent roles over time.”

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Richard Craver

First Bancorp CEO has drop in 2019 compensation

The chief executive of First Bancorp, Richard Moore, received no raise in salary and a decrease in incentive pay in fiscal 2019, the bank reported Friday.

Moore was paid $400,000 in salary and a 16.4% decrease in incentive pay to $109,440. He did not receive a bonus after getting $150,000 in 2018 and $500,000 in 2017. Moore’s total compensation was $1.05 million, down 14.6%.

Michael Mayer, the bank’s president, received a 11.8% hike in salary to $544,230, a 19.4% jump in incentive pay to $117,700 and total compensation of $1.08 million, up 2.2$%.

Eric Credle, its chief financial officer, received a 5% raise in salary to $365,481, an 8.7% decrease in incentive pay to $55,051 and total compensation of $725,239, up 20.5%.

Richard Craver

Wells Fargo closes two Triad branches

Wells Fargo & Co. is closing two Triad branches as part of its consolidation initiative, according to a list disclosed Friday by the U.S. Office of the Comptroller of the Currency.

Affected is the branch at 3305 Battleground Ave. in Greensboro, identified as Westridge Square, and at 1795 Glidewell Drive in the Alamance Crossing shopping center in Burlington.

The bank also is closing branches in Cary and Manteo as part of 26 nationwide.

Richard Craver

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