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| Economy |
| JP Morgan Chase to build 400 new branches, raise wages because of the tax cut |
| 2018-04-12 |
| [CNBC] J.P. Morgan Chase announced plans to spend $20 billion over five years to raise hourly pay for a portion of its workforce, add jobs and open 400 branches in new U.S. locations. The bank says tax breaks, reduced regulation and an improved business climate have made it possible to make these changes, which also include adding 4,000 jobs and increasing its charitable giving. Earlier this month, the bank reported fourth-quarter profit that beat expectations despite a $2.4 billion charge related to the tax cuts and a difficult trading environment for its investment bank. "Having a healthy, strong company allows us to make these long-term, sustainable investments," said J.P. Morgan CEO Jamie Dimon in a statement Tuesday. "We are excited about further investing in our outstanding workforce and expanding into new U.S. markets." Several large U.S. companies have announced one-time bonuses, investments in jobs and facilities, and growth plans since the tax overhaul enacted in Washington late last year. J.P. Morgan has more than 252,000 employees, about half of whom work in its consumer and community banking group. It has a little more than 5,100 branches in 23 states. Hourly wages for some 22,000 workers will rise to between $15 and $18 in more than 100 cities, the bank said. In New York, San Francisco, Boston and Jersey City, New Jersey, the increase will be at the highest end of that range. Employees are also each getting a $750 bonus later this month. |
| Posted by:Besoeker |
| #5 So, what is a good national bank other than Bank of America. Not that BoA was ‘good’, but they have now become intolerable. |
| Posted by: Blackbeard Bumble5724 2018-04-12 22:54 |
| #4 and open 400 branches in new U.S. locations. I thought brick&mortar was dead. Must be a revenue sheltering tax strategy in play. More to gain in spending, depreciation and loss when they're sold than solid shareholder earnings. |
| Posted by: Skidmark 2018-04-12 13:43 |
| #3 The bank says tax breaks, reduced regulation and an improved business climate have made it possible unexpectedly to make these changes, FIFY ala Obama era reporting. |
| Posted by: Roth LaDoad 2018-04-12 12:45 |
| #2 |
| Posted by: Vast Right Wing Conspiracy 2018-04-12 12:10 |
| #1 ...but, but, but, I thought we were on the edge of a balloon that is about to bust and tall the 'smart' people believe that. |
| Posted by: Procopius2k 2018-04-12 11:53 |