CEO Dimon: J.P. Morgan to Raise Pay for Employees

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.

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.

J.P. Morgan's decision follows similar moves at Wal-Mart Stores Inc., Target Corp. and Starbucks Corp., all of which have outlined plans in recent months to raise wages to counter a tight labor market.

Write to Mark Taylor at [e-mail]

(END) Dow Jones Newswires

July 12, 2016 08:15 ET (12:15 GMT)

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