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.
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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.
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