CoreStates Financial Corp. agreed Friday to pay $1.5 million to settle charges that it paid female and minority employees less than white males.

The Department of Labor charged CoreStates as part of a broad crackdown on employment practices by government contractors, including banks. More than $1.1 million will cover back pay for the workers involved, and $334,115 will go towards raises for 76 female and 66 black and Hispanic male employees.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.