JPMorgan Chase & Co. (NYSE:JPM)’s CEO Jamie Dimon is giving his employees a big raise. And don’t think that he’s doing this for his investment bankers… not at all.
The bank company JPMorgan is raising its minimum pay for some overtime-eligible US employees from $10.15 to between $12 and $16.50 an hour.
In an opinion piece in the New York Times on Tuesday Dimon shared:
A pay increase is the right thing to do. Wages for many Americans have gone nowhere for too long. Many employees who will receive this increase work as bank tellers and customer service representatives. Above all, it enables more people to begin to share in the rewards of economic growth.”
Jamie Dimon also said that this raise is going to be quite a good step for JPMorgan itself, because it will help the company attract and retain talented employees at the lower end of the pay scale. They will also receive an average of $11,000 in annual 104(k), medical, and other benefits at the company.
This news followed Starbuck’s CEO Howard Schultz announcement from Monday that his employees would receive a raise of between 5% and 15% through a mix of cash and stock options.