CEO Dimon: J.P. Morgan to Raise Pay for Employees
July 12 2016 - 8:30AM
Dow Jones News
J.P. Morgan Chase & Co. will boost pay for 18,000 of its
lower-tier employees over the next three years, its chief
executive, James Dimon, announced Tuesday in an op-ed appearing on
the New York Times website.
Mr. Dimon said the bank will raise minimum pay for affected
employees to between $12 to $16.50 an hour, the level of increase
depending on geography and "market factors." The bank's minimum
salary for U.S. employees is $10.15 an hour, he said.
Many of the affected employees serve as bank tellers and
customer service representatives, Mr. Dimon said, explaining that
the increase will help the bank attract and retain "talented people
in a competitive environment" and is "the right thing to do."
"Wages for many Americans have gone nowhere for too long," Mr.
Dimon said.
J.P. Morgan's decision follows similar moves at Wal-Mart Stores
Inc., Target Corp. and Starbucks Corp., all of which have outlined
plans in recent months to raise wages to counter a tight labor
market.
Write to Mark Taylor at mark.taylor@wsj.com
(END) Dow Jones Newswires
July 12, 2016 08:15 ET (12:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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