Banking giant JPMorgan Chase & Company has announced it will be giving back to its employees and its clientele as a result of the recently passed tax reform legislation.
The Trump Family is the best thing that has happened in America in a long time. I’m actually starting to feel hope again for our country! Thank you for caring enough for every American!
— Ramon Diaz (@di58140075) January 23, 2018
Per Financial Times:
JPMorgan Chase will increase wages for its lowest-paid workers and reverse its recent trend of branch closures, it announced on Tuesday, after promising to share the proceeds of the Trump administration’s recent tax cuts.
The moves are part of an investment plan which the bank says will be worth $20bn over the next five years, including further commitments to increase its lending to small businesses and create thousands of new jobs.
Wages for 22,000 of JPMorgan’s hourly workers will increase from between $12/hour and $16.50/hour to between $15/hour and $18/hour, depending on the local cost of living. The rises will come into force from February 25, with staff gaining an average wage rise of 10 per cent.
The company said it will open up to 400 new branches over the next five years, which will directly employ around 3,000 people. That marks a near 8 per cent increase compared to the current size of its branch network, which has shrunk by around 470 in the last three years.
— CNN (@CNN) January 23, 2018
According to the report, Chairman and CEO of JPMorgan Chase Jamie Dimon said, “Having a healthy, strong company allows us to make these long-term, sustainable investments.”
And, Dimon was “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. We help customers with banking, lending and saving. And we align our business and philanthropic efforts to help more communities benefit from a growing economy. This company has made a significant economic impact in all of the communities we operate in, and we are excited to become an even more relevant part of many others.
The announcement was celebrated by Ivanka Trump.
“Another major announcement due to #TaxCuts, Trump tweeted. “JPMorgan Chase just committed to raise wages for 22K workers, increase lending to small businesses, open 400 new branches and invest $20 billion in the US over the next 5 years!”
Another major announcement due to #TaxCuts. #JPMorgan Chase just committed to raise wages for 22K workers, increase lending to small businesses, open 400 new branches and invest $20 billion in the US over the next 5 years! https://t.co/rZL2X6h5aq
— Ivanka Trump (@IvankaTrump) January 23, 2018
That’s “crumbs” to rich liberal Dem like Nancy Pelosi.
— Tom Lehman (@tcbcus) January 23, 2018
Here is a summary of the big investment from JPMorgan Chase:
The $20 billion investment will focus on the following key areas:
- Investing in employees with further increases to wages and benefits. Wages will increase 10 percent on average—ranging from between $15 and $18/hour—for 22,000 employees.
- Expanding the branch network into new U.S. markets, leading to increased small business lending and philanthropic investments, and further support for local low-and moderate-income communities.
- Increasing community-based philanthropic investments by 40 percent to $1.75 billion over five years.
- Increasing small business lending by $4 billion.
- Accelerating affordable housing lending by (a) increasing mortgage lending in low-and moderate-income communities and (b) accelerating commercial lending to build affordable housing.
More details concerning the JPMorgan Chase investment can be found here.Note: The author of this article has included commentary that expresses an opinion and analysis of the facts.