Wells Fargo will soon begin offering its employees paid parental leave.
Wells will also offer paid critical caregiving leave and a backup adult care program. The expanded benefits were announced internally on April 6 and go into effect June 1, a spokeswoman for the San Francisco company told American Banker.
The expansion was first reported by the Philadelphia Business Journal.
Wells Fargo will provide paid parental leave to all regular and part-time employees based in the U.S. who have worked for the company for at least 12 consecutive months. Primary caregivers are offered up to 16 weeks paid leave, while parents who are not the primary caregiver can take up to four weeks to care for a new child following birth or adoption.
Full- and part-time employees can also take up to five consecutive workdays of paid critical caregiving leave each year to care for spouses, partners, parents or children with serious health conditions. A backup adult care program offers employees up to five days of in-home care each year for a worker's parent, spouse, partner or other adult dependent.
"The availability of the new benefit programs will provide team members with additional flexibility and financial support to care for their families," the bank said in a statement.
Wells Fargo is not the first major bank to change parental-leave policy this year. In March, Bank of America increased paid maternity, paternity and adoption leave to 16 weeks from 12 weeks. JPMorgan Chase increased paid leave to 16 weeks from 12 in January.