Citing the new federal tax reform legislation, Commerce Bancshares is giving thousands of its employees a $1,000 bonus.
The parent company of Commerce Bank, which has corporate offices in Clayton and Kansas City, said 3,450 full-time employees, or 75 percent of its workforce, will get the $1,000 bonus. Eligible part-time employees will get a $250 cash bonus.
“The new tax reform legislation should be very positive for economic growth and capital investment which will benefit the banking industry,” chairman and CEO David Kemper said in a statement. “This new law makes the banking industry more competitive and allows us to reward our core employees who work hard every day to provide superior service to the people and the companies we serve while building long-term customer relationships so important to our communities and shareholders.”
Several other companies with large workforces, including St. Louis-based Stifel Financial, American Airlines and Southwest Airlines have announced employee bonuses prompted by the federal tax reform legislation.
Read more: St. Louis Post-Dispatch