- JPMorgan announced a new $20 billion, five-year investment in its US operations Tuesday.
- As part of the plan, the bank will raise wages for 22,000 branch and customer-service employees to between $15 and $18 an hour.
- The bank also says it will open 400 new branches and hire 4,000 new employees.
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JPMorgan Chase is raising wages to as much as $18 an hour as part of a $20 billion investment in its US business (JPM)
JPMorgan Chase is giving 22,000 employees a raise to as much as $18 an hour. It's part of a new $20 billion investment plan.
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JPMorgan Chase on Tuesday announced plans to give pay raises to 22,000 US employees who work in its branches and customer-service centers as part of a $20 billion investment in the business that the firm said was connected to its tax windfall.
These employees will see hourly wages increase to between $15 and $18, up from $12 to $16.50, the company said in a statement. The pay bump, which varies depending on the cost of living, is set to take effect in more than 100 US cities on February 25.
As part of the $20 billion, five-year investment, JPMorgan says it will also open 400 new branches, hire 4,000 new employees, increase lending efforts, and ramp up philanthropic giving.
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"Having a healthy, strong company allows us to make these long-term, sustainable investments," CEO Jamie Dimon said in a statement. "We are excited about further investing in our outstanding workforce and expanding into new US markets. When we enter a community, we enter it with the full force of JPMorgan Chase behind it. We hire people. We lend to and support local businesses."
Here are other key details from the $20 billion investment plan, from the statement:
The bank said the new investments were "made possible by the firm's strong and sustained business performance, recent changes to the US corporate tax system and a more constructive regulatory and business environment."
Dimon hinted at the forthcoming investments earlier this month when the bank released its fourth-quarter earnings report, saying: "We have always invested, even in difficult times, in our employees, customers and communities, and as a result of the tax plan we will be increasing and accelerating some of these investments."
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