How generous CEO Jamie Dimon is to offer 18,000 JP Morgan staff a minimum 20% pay hike by 2019 from the current $10.15/hr.
He said, “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.”
Over the next three years, JPM will raise that pay for 18,000 employees to between $12 and $16.50 an hour.
Such is the prosperity, workers will need to wait til 2019 to reap the rewards provided they aren’t fired in the meantime. It surprises me that if it is such an important issue for Dimon, why does he need 3 years to sort it out? I only wonder what sort of efficiency gains will be expected for the money and if we see a reduction in the number of staff as a result.