UPDATE: Oct. 30, 2020: TD Bank is giving $500 bonuses to about 90,000 full- and part-time non-executive employees for their efforts during the pandemic, the Toronto-based lender said Thursday in a memo seen by Bloomberg.
"TD colleagues have demonstrated unparalleled resilience and determination," CEO Bharat Masrani said in the memo. "I am incredibly proud of your efforts to support our customers, communities and each other under the most trying circumstances."
The move comes just days after Bank of America halted a $200 twice-monthly pandemic supplement it had been giving its branch and call-center workers since March.
Bank of America has ended the $200 twice-monthly pandemic supplement it has been giving workers in its branches and call centers since the start of the coronavirus pandemic in March.
In a company memo seen by Popular Information, the nation's second-largest bank told employees it would end the pandemic pay increase in October and "transition our compensation plans to be more business-as-usual once again."
- Bank of America spokesperson Bill Halldin told Bloomberg on Wednesday the bank will continue to provide employees with $100 per day for child or elder care, along with other benefits introduced amid the pandemic.
The end of Bank of America's pandemic pay comes at odds with a handful of recent statements made in the media by CEO Brian Moynihan and bank spokespeople.
In an interview with Chief Executive magazine, which last week named Moynihan its CEO of the year, the Bank of America chief touted the front-line bonus when he said taking care of employees was his "number one" priority during the pandemic.
"That's when we started on benefits like extra pay for the teammates," Moynihan told the publication.
He then thanked front-line workers in an acceptance speech for the award Oct. 22, without mentioning the bonus would be retired the next day, Popular Information reported.
A person familiar with Bank of America's plans told CNBC in March the bonuses would remain in effect for the duration of the coronavirus crisis.
Halldin, however, told Banking Dive on Thursday that a time frame for the supplemental pay was never given to employees in the company's March memo.
At the start of the pandemic, Bank of America was among the first major institutions to introduce bonus supplements for front-line workers.
In addition to the extra pandemic pay, the bank doubled the hourly base pay for overtime rather than giving time and a half to call center and operations center employees who continued to report to the office.
Those "special enhanced overtime pay programs" were also retired in October, according to the memo.
Full-time employees received their last extra payment Oct. 23, while part-time workers saw their last payment Oct. 16, Popular Information reported.
Other major banks in March announced one-time benefits for employees amid the pandemic. Citi said it would award a $1,000 bonus to U.S. employees who make less than $60,000 a year. That compensation boost was virtually identical to one made by JPMorgan Chase just days earlier.
Wells Fargo gave a $600 pre-tax payment to all full-time U.S. employees who earn base compensation of less than $100,000 and have worked for the bank for all of 2019, while part-time employees received a $300 payment.
Capital One and U.S. Bank rolled out temporary pay raises to eligible employees. Employees working at Capital One branches would receive an additional $10 per hour, the McLean, Virginia-based bank said in March. Meanwhile, U.S. Bank gave temporary 20% pay raises to 30,000 employees in branches, call centers, field offices and critical service locations.