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Monday, November 09, 2009
Report: JPMorgan to Lift Salary Freeze
FOXBusiness
Mega-bank JPMorgan Chase & Co. (JPM) told employees Monday that it plans to lift the salary freeze for all employees earning more than $60,000, according to a report by Dow Jones Newswires.
According to a memo to all employees from the bank’s Director of Human Resources John Donnelly, JP Morgan will lift the freeze globally when it begins its “year-end performance and compensation review process, with raises effective early next year,” Dow Jones reported.
The bank has also reinstated a full 401(k) match program for 2009 and will grant employees with total annual compensation of less than $60,000 a one-time $500 award in early 2010, which will go directly to 401(k) accounts for employees in the United States, according to the report.
A pension plan for U.S. employees will also continue to be provided by the company, according to Dow Jones, which noted the story was first broken on Dealbreaker.com.
Shares of JPMorgan rose 87 cents, or 2.00% in Monday’s session to close at $44.35 per share.
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