22,000 JPMorgan Chase workers are getting a raise

JPMorgan Chase is giving 22,000 workers a raise.America's largest bank is also opening up 400 branches in new ...

Posted: Jan 23, 2018 2:08 PM
Updated: Jan 23, 2018 2:08 PM

JPMorgan Chase is giving 22,000 workers a raise.

America's largest bank is also opening up 400 branches in new markets and hiring thousands of new workers as part of a $20 billion spending spree unveiled on Tuesday.

The company said the five-year investment was made possible by the federal tax overhaul and a "more constructive regulatory and business environment." Banks have been among the biggest winners from the corporate tax cuts and President Trump's efforts to cut red tape.

JPMorgan promised to hire 4,000 employees in the United States and to ramp up its small business lending by $4 billion.

For those already working at JPMorgan, the bank plans to boost pay for tellers, customer service representatives and other mostly frontline workers to between $15 and $18 an hour. New York, San Francisco and Boston employees will get $18 an hour, while pay in Chicago, Detroit and Wilmington, Delaware, will go to $16.50.

The pay hikes, amounting to an average of 10% for 22,000 employees, come as the minimum wage in dozens of states and cities has increased.

JPMorgan also plans to open up 400 new branches over the next five years in 15 to 20 new markets. The new locations will employ about 3,000 people.

"When we enter a community, we enter it with the full force of JPMorgan Chase behind it," CEO Jamie Dimon said in a statement. "We hire people. We lend to and support local businesses."

Related: CEOs at Davos love the Trump tax cuts

JPMorgan said it will boost its community-based philanthropic investments by 40% to $1.75 billion over the next five years.

Like other banks, JPMorgan's branch network has been shrinking in recent years as mobile and online banking gain popularity.

JPMorgan, which has 5,130 branches across 23 states, will continue to close branches "where there is overlap or decreased foot traffic," a bank spokeswoman said. She declined to say whether JPMorgan's overall branch count will continue to get smaller.

Dimon has been one of corporate America's loudest cheerleaders for the tax overhaul. He gushed about the tax law earlier this month, calling it a "significant positive outcome for the country" that will "ultimately benefit all Americans." Dimon also chairs the Business Roundtable, a powerful lobbying group that took out a multimillion dollar advertising blitz to champion tax reform.

Banks generally pay high taxes, making them among the biggest beneficiaries from the tax rate going from 35% down to 21%.

Dozens of other major companies, including banks like Wells Fargo, Bank of America and PNC, have announced plans to either boost wages or pay bonuses due to the tax law.

JPMorgan plans to pay an annual "award" of $750 later this month to 100,000 employees who earn less than $60,000 a year. These bonuses, announced internally in December, have been paid for the past few years, a spokeswoman said.

Related: Wall Street, not Main Street, is the real tax winner

The JPMorgan pay hikes, combined with ones by Walmart, raise hope that some of the windfall from the tax law will trickle down to workers after years of stagnant wages.

Wall Street is a slam-dunk winner from the tax law, which is projected to spark around $450 billion worth of stock buybacks as well as fatter dividends and an uptick in mergers and acquisitions. The tax overhaul has already helped propel the stock market, with S&P 500 zooming 6% so far this year to all-time highs.

Yet less than 10% of the S&P 500 has announced plans to share the wealth with workers through wage hikes or bonuses. And some of the ones that have are likely to share just a small percentage of their winnings.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 315026

Reported Deaths: 7257
CountyCasesDeaths
DeSoto21684260
Hinds20385416
Harrison17973309
Rankin13650278
Jackson13456246
Madison10130217
Lee9988174
Jones8388163
Forrest7701152
Lauderdale7198240
Lowndes6411148
Lamar624686
Lafayette6210119
Washington5342134
Bolivar4804132
Oktibbeha463298
Panola4601107
Pearl River4524146
Marshall4454103
Warren4397121
Pontotoc421172
Monroe4120133
Union411276
Neshoba4033176
Lincoln3972110
Hancock380287
Leflore3500125
Sunflower336490
Tate335484
Pike3330105
Scott316773
Alcorn313670
Yazoo311870
Itawamba300877
Copiah297865
Coahoma295979
Simpson295388
Tippah289068
Adams288682
Prentiss280360
Marion269680
Leake268673
Wayne262941
Grenada261987
Covington260381
George249448
Newton246963
Winston227881
Tishomingo227567
Jasper221148
Attala214473
Chickasaw208457
Holmes189174
Clay185654
Stone183033
Tallahatchie179041
Clarke178180
Calhoun170932
Yalobusha164838
Smith162734
Walthall134345
Greene130633
Lawrence129324
Montgomery127242
Noxubee126734
Perry126338
Amite123142
Carroll121929
Webster114532
Jefferson Davis107233
Tunica105726
Claiborne102530
Benton100125
Humphreys96733
Kemper95828
Franklin83923
Quitman81116
Choctaw76418
Wilkinson67631
Jefferson65728
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 540267

Reported Deaths: 11038
CountyCasesDeaths
Jefferson798791529
Mobile41295809
Madison35175506
Tuscaloosa25932455
Shelby25309249
Montgomery24736593
Baldwin21422310
Lee15997172
Calhoun14577319
Morgan14431280
Etowah13927353
Marshall12280225
Houston10650282
Elmore10158206
Limestone10075151
St. Clair9955245
Cullman9773194
Lauderdale9465243
DeKalb8866188
Talladega8344176
Walker7261278
Autauga7010108
Jackson6840112
Blount6776139
Colbert6322135
Coffee5583118
Dale4878113
Russell445938
Chilton4383113
Franklin426382
Covington4138118
Tallapoosa4044153
Escambia395177
Chambers3598123
Dallas3569153
Clarke351561
Marion3140101
Pike312077
Lawrence303698
Winston275873
Bibb264864
Geneva254178
Marengo249865
Pickens234862
Barbour232056
Hale224078
Butler219069
Fayette213162
Henry190043
Cherokee184845
Randolph182542
Monroe178241
Washington167839
Macon161350
Clay157257
Crenshaw153657
Cleburne149641
Lamar143336
Lowndes140753
Wilcox127430
Bullock123342
Conecuh110829
Coosa109228
Perry107826
Sumter105032
Greene92634
Choctaw61024
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