J.P. Morgan Chase said Tuesday it will invest $20 billion over five years on employee benefits including wage hikes, along with measures to support local growth across the U.S. The bank said it will raise wages to between $15 and $18 an hour for 22,000 employees in more than 100 cities in branches and customer service centers, including New York, San Francisco and Boston. The bank will reduce health care costs for employees earnings less than $60,000 a year. The bank is also planning to expand its branch network into new markets in the U.S., to make increased commitments to mortgage and small-business lending and increase its philanthropic investments. “We are a leader in 23 states, but aren’t yet in major markets like Washington D.C., Boston, Philadelphia, and many others,” said Gordon Smith, CEO of consumer and community banking at Chase. Shares were slightly lower premarket, but have gained 37% in the last 12 months, while the S&P 500 has gained 25% and the Dow Jones Industrial Average has gained 32%.
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From:: Stock Market News