In the wake of new federal tax-reform legislation, Citizens Financial Group recently announced that it will distribute year-end $1,000 cash bonuses to approximately 12,500 employees.
Based in Providence, R.I., the parent company to Citizens Bank said the investment will cost the company $12.5 million and will cover more than 70 percent of its workforce.
Company spokesman Andy Hoglund said that the bank has 96 Vermont employees, seven of whom work at the Shelburne branch. The bonuses will benefit employees who earn less than $150,000 per year, he said.
In addition, Citizens will also contribute $10 million to its Citizens Charitable Foundation. The foundation works in communities the bank serves by focusing on grant-making to improve financial literacy, help provide affordable housing, fight hunger and promote economic development, the company said.
Company officials credited new corporate tax breaks for the cash to invest in employees and communities.
“Corporate tax reform provides us with an opportunity to recognize the role our colleagues have played in delivering better results for customers and shareholders, and to positively impact the communities where we live, work and play,” said Bruce Van Saun, chairman and chief executive officer of Citizens Financial Group.