Recent sweeping changes in tax rules have had many banks busy doling out celebratory raises and bonuses to thousands of employees lately — a move that could have ramifications for credit unions competing to attract and retain talent.

Many large banks are taking part in the bonus trend. Bank of America Corp., for instance, is reportedly giving out $1,000 bonuses to more than half its 210,000 employees. Winston-Salem, North Carolina-based BB&T, which has about $215 billion in assets, announced it was paying $1,200 bonuses to about 27,000 employees, and Cincinnati, Ohio-based Fifth Third Bancorp, which has about $140 billion in assets, said it plans to give more than 13,500 employees $1,000 bonuses as well.

Hourly wage increases and other perks are also coming for many bank employees. Wells Fargo, BB&T and Fifth Third, for instance, have all said they will increase their minimum wage to $15 an hour. PNC Financial Services Group, Inc., which announced it will give $1,000 bonuses to about 90% of its employees and raise its minimum wage to $15 an hour, said it will also put an extra $1,500 in employee pension accounts and donate $200 million to its foundation supporting early childhood education.

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