logo
Plus   Neg
Share
Email

JPMorgan Chase To Invest $20 Bln In US Over 5 Years; To Add 4000 Jobs

JPMorgan Chase & Co. (JPM) announced Tuesday a $20 billion, five-year comprehensive investment to help its employees, and support job and local economic growth in the United States.

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.

Under the $20 billion investment plan, the company will increase wages by 10 percent on average, ranging from between $15 and $18/hour, for 22,000 employees.

The bank will open up to 400 new Chase branches in new cities and states. It will increase community-based philanthropic investments by 40 percent to $1.75 billion over five years, and increase small business lending by $4 billion.

The bank will also increase loans to customers seeking affordable homes by 25 percent to $50 billion.

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.

Jamie Dimon, Chairman and CEO, JPMorgan Chase, said, "Having a healthy, strong company allows us to make these long-term, sustainable investments. …. This company has made a significant economic impact in all of the communities we operate in, and we are excited to become an even more relevant part of many others."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Deutsche Telekom AG were losing around 2 percent in German trading after the telecom giant reported Thursday a net loss in its fourth quarter, compared to prior year's profit, despite increased revenues. Looking ahead, the company said its 2019 forecast shows undiminished growth momentum. Hormel Foods Corp. on Thursday reported a 20 percent decline in profit for the first quarter from last year, when results were aided by a benefit related to the U.S. tax reform. However, earnings per share for the quarter matched analysts' expectations, while revenues missed their estimates. Looking ahead, the branded food company reiterated its financial outlook for fiscal 2019. Southwest Airlines Co. said it will investigate whether a dispute with its mechanics union was the cause of an "unprecedented number" of out-of-service aircraft that resulted in flight cancellations and flight delays. Southwest Airlines COO Mike Van de Ven said in a statement that the airline has been negotiating with Aircraft Mechanics Fraternal Association or AMFA for more than six years.
Follow RTT