Wells Fargo is raising the minimum wage of most of its workers by the end of the year and, in the Twin Cities, its starting hourly rate will rise to $16.

The new wage is based on the standard of living where workers are, the bank said.

Employees in New York and San Francisco will see a $5 raise to $20 an hour. Employees in Des Moines will also see an increase of $16, and those in Salisbury, Md., the bank's cheapest market, will remain at the $15 hourly wage set in 2018.

Wells Fargo employees can check an internal website to see how much, if at all, the minimum wage will change in their area, spokesman Peter Gilchrist said.

While higher than the federal minimum wage, it's still below that of Bank of America, which, as of the end of the first quarter of the year, will pay a minimum of $20 an hour, according to the Charlotte Observer.

Wells Fargo, with about 150 branches in the state, is the second-largest bank in Minnesota based on market share behind U.S. Bancorp.

With 18,000 employees, it is the third-largest private employer in Minnesota, Wells Fargo said.

The company also has large business units in Minnesota, particularly in home mortgage and wealth management.

"Our employees are our most valuable resource, and these pay increases are just one way we are investing in our people and ensuring that Wells Fargo continues to be a great place to work," CEO Charlie Scharf said in a statement.

The bank said more than 20,000 employees across the U.S. will see a pay raise based on the new minimum wage.

Catherine Roberts • 612-673-4292