Today, Chicagoland Chamber member JPMorgan Chase announced a $20 billion, five-year comprehensive investment to help its employees, and support job and local economic growth in the United States.
This long-term investment, which both increases and accelerates the firm’s current growth, is made possible by the firm’s strong and sustained business performance, recent changes to the U.S. corporate tax system and a more constructive regulatory and business environment.
Through this new investment, the firm will develop hundreds of new branches in several new U.S. markets, increase wages and benefits for hourly U.S. employees, make increased small business and mortgage lending commitments, add 4,000 jobs throughout the country and increase philanthropic investments.
The investment brings together the best of the firm’s business and philanthropic efforts to drive inclusive economic growth and help create opportunity for more Americans.
The $20 billion investment will focus on the following key areas:
1. Investing in employees with further increases to wages and benefits.
Wages will increase 10 percent on average – ranging from between $15 and
$18/hour – for 22,000 employees.
2. Expanding the branch network into new U.S. markets, leading to increased small business lending and philanthropic investments, and further support for local low-and moderate- income communities.
3. Increasing community-based philanthropic investments by 40 percent to $1.75 billion over five years.
4. Increasing small business lending by $4 billion.
5. Accelerating affordable housing lending by (a) increasing mortgage lending in low-and moderate-income communities and (b) accelerating commercial lending to build affordable housing.
View the full JPMorgan Chase press release for full details on these changes.