Raises are on the way for about 1,060 Arizonans who work for banking giant JPMorgan Chase. It’s part of the company’s five-year plan to invest in employees and support local economic growth.
Starting Feb. 25, the lowest-paid employees — those who make $12 an hour — will receive $15 an hour. Chase said it will cover more than 800 people in the Valley. Across the country, 22,000 employees will see wages rise to between $15 and $18 an hour, the company said.
Chase said its performance, recent corporate tax changes, and a more constructive regulatory and business environment are behind the $20 billion investment.
The plan includes:
- Making health care benefits more affordable for employees who make less than $60,000 per year.
- Opening up to 400 branches in new markets.
- Hiring 4,000 employees in new markets.
- Increasing small business lending by $4 billion over three years.
- Increasing home loans in low-and-moderate-income communities by 25 percent to $50 billion total.
- Accelerating commercial lending to build affordable housing.
- Increasing philanthropic investments by 40 percent to $1.75 billion over five years.
