Zions Bancorp Lifts Employees' Compensation Due To Tax Cuts; To Provide Bonus

(RTTNews) - Zions Bancorp. (ZION) announced Tuesday that as a result of the Tax Cuts and Jobs Act of 2017, it will be increasing ongoing compensation for more than 40% of its employees as of January 1, 2018. The company will provide nearly 80% of employees with $1,000 bonuses during 2018, subject to certain conditions.

Additionally, Zions intends to contribute $12 million to the Zions Bancorporation Foundation, which is expected to benefit local communities in which Zions does business.

In 2017, Foundation beneficiaries included the United Way, youth programs, food pantries, homeless shelters, affordable housing projects, and educational programs.

Zions said it expects to incur an increase in noninterest expense in the fourth quarter of 2017 of approximately $12 million as a result of the contribution to the Foundation, while compensation adjustments are expected to be incorporated into 2018 expense.

The company continues to assess the financial impact of recent tax law changes and intends to disclose such impact on or before the date of its earnings announcement for the fourth quarter of 2017.