JPMorgan Chase & Co. plans to spend $20 billion over five years to raise wages, expand its branch network and boost gifts to charity.
The investments are “made possible by the firm’s strong and sustained business performance, recent changes to the U.S. corporate tax system and a more constructive regulatory and business environment,” the New York-based company said Tuesday in a statement.
The bank will boost hourly wages for 22,000 employees, hire an additional 4,000 people and add 400 branches in new cities and states. It also will increase small business and affordable housing lending and up its philanthropic investments by 40 percent.
The move means that the bank is choosing to re-invest the more than $3 billion it’s projected to save from Republicans’ tax overhaul. Bank executives have faced the choice of how much of their windfalls to share with employees and customers versus returning more capital to shareholders through dividends and stock buybacks.
This article was provided by Bloomberg News.