Amalgamated Bank’s $15 Minimum Wage Empowers Workers


The New Jersey State AFL-CIO commends Amalgamated Bank for championing fair wages though a $15 per hour minimum enacted by the board in August. By empowering its employees, Amalgamated Bank has made them greater partners in their success and has set an example for all businesses to follow.

Keith Mestrich, CEO of the New York City-based bank, made his commitment to workers and equitable wages clear in a compelling opinion piece that you can read HERE.

He points out that, “Despite many bank CEOs making tens of millions of dollars each year, the average bank teller makes just $25,800.” Mestrich added that when low wages cause workers to rely on public assistance to make ends meet, “This is morally wrong, yes, but it’s also just bad business.”

Amalgamated Bank is the largest union-owned financial institution in the country and was founded on the principle of providing hard working individuals and families with access to needed banking services. Throughout its history, Amalgamated Bank has championed causes for workers’ justice, proving its commitment not just to banking, but also to the community it serves.

In recognition of his leadership, Mr. Mestrich received the New Jersey State AFL-CIO’s Business Award in 2015. We once again applaud Amalgamated Bank for its ongoing tradition of moral responsibility and superior financial services. We look forward to our continued partnership in the fight to ensure fair wages for all workers.

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