J.P. Morgan Chase introduced plans to spend $20 billion over 5 years to boost hourly pay for a portion of its workforce, add jobs and open 400 branches in new U.S. places.
The financial institution says tax breaks, lowered regulation and an improved enterprise local weather have made it doable to make these adjustments, which additionally embody including four,000 jobs and growing its charitable giving.
Earlier this month, the financial institution reported fourth-quarter revenue that beat expectations regardless of a $2.four billion cost associated to the tax cuts and a troublesome buying and selling atmosphere for its funding financial institution.
“Having a wholesome, robust firm permits us to make these long-term, sustainable investments,” mentioned J.P. Morgan CEO Jamie Dimon in a press release Tuesday. “We’re enthusiastic about additional investing in our excellent workforce and increasing into new U.S. markets.”
A number of giant U.S. corporations have introduced one-time bonuses, investments in jobs and amenities, and progress plans because the tax overhaul enacted in Washington late final 12 months.
J.P. Morgan has greater than 252,000 staff, about half of whom work in its shopper and group banking group. It has slightly greater than 5,100 branches in 23 states.
Hourly wages for some 22,000 staff will rise to between $15 and $18 in additional than 100 cities, the financial institution mentioned. In New York, San Francisco, Boston and Jersey Metropolis, New Jersey, the rise might be on the highest finish of that vary. Workers are additionally every getting a $750 bonus later this month.
The department enlargement, which incorporates three,000 jobs, will goal 15 to 20 new markets in a number of new states over 5 years, the financial institution mentioned. Chase has branches all through the U.S. however some pockets the place it at the moment doesn’t function embody Washington, D.C., Boston and Philadelphia. Including 400 places will increase the variety of branches by practically eight p.c.
The financial institution additionally says it’s going to improve small enterprise lending 20 p.c, to $four billion, over three years.