JPMorgan Chase to pay new DC employees well above minimum wage
JPMorgan Chase opened the first of six planned new branches in the Washington, D.C.-area on Tuesday, where employees will make well above the federal minimum wage.
Eighty new workers – including tellers and managers – will be employed across multiple branches with wages “no less than” $18 per hour, the company said in a press release. That wage rate applies to entry-level employees, who will also receive the firm’s full benefits package – valued at $12,000 per year. The benefits package includes retirement savings and health care coverage.
The local minimum wage rate is $13.25, while the federal rate is $7.25. JPMorgan increased its minimum wage rates throughout the country after the implementation of the Tax Cuts and Jobs Act to between $15 and $18.
JPMorgan was previously paying D.C.-area entry-level workers $16.50 per hour.
The bank is set to open six D.C.-area locations by the end of the year.
Earlier this year, JPMorgan said it would open 70 branches, creating 700 job openings, with a number of efforts aimed at fostering local growth – including committing $4 billion to home and small business lending, as well as $500 million for affordable housing. This decision comes despite the fact that more customers are using ATMs or using online banking services.
Company executives have said, however, that 75 percent of deposit growth comes from consumers who use JPMorgan branches, as reported by Reuters.