JPMorgan to invest $20B in US over 5 years, open 400 new branches, raise wages to $15-$18

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JPMorgan Chase on Tuesday announced plans to give pay raises to 22,000 US employees who work in its branches and customer-service centers as part of a $20 billion investment in the business that the firm said was connected to its tax windfall.

These employees will see hourly wages increase to between $15 and $18, up from $12 to $16.50, the company said in a statement. The pay bump, which varies depending on the cost of living, is set to take effect in more than 100 US cities on February 25.

As part of the $20 billion, five-year investment, JPMorgan says it will also open 400 new branches, hire 4,000 new employees, increase lending efforts, and ramp up philanthropic giving.

Here are other key details from the $20 billion investment plan, from the statement:
-Expanding the branch network into new US markets, leading to increased small business lending and philanthropic investments, and further support for local low-and moderate- income communities.
-Increasing community-based philanthropic investments by 40% to $1.75 billion over five years.
-Increasing small business lending by $4 billion.
-Accelerating affordable housing lending by (a) increasing mortgage lending in low- and moderate-income communities and (b) accelerating commercial lending to build affordable housing.

The bank said the new investments were "made possible by the firm's strong and sustained business performance, recent changes to the US corporate tax system and a more constructive regulatory and business environment."

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