Investing in our people, business & communities for long-term growth

The only way we can make long-term sustainable investments in our employees, in our communities and in our business is if our company is positioned for success. Fortunately, we have a healthy, strong company and a promising future ahead.

Today, we are increasing and accelerating a series of U.S. investments focused on our employees, branch expansion and local economic growth. We have been developing and planning for many of these investments for some time. Now we’re ready to move them forward.                        

First, Chase will build up to 400 new branches in 15-20 new markets and hire up to 4,000 new employees over the next five years. We are not in some major markets like Boston, Washington D.C., Philadelphia, and many others, but the Consumer Bank has now started the formal application process for national expansion. The new employees will support our branch growth and increased lending to small businesses and homeowners. 

When Chase enters a community, we enter it with the full force of JPMorgan Chase behind it. We hire people. We lend to and support local businesses. We help customers with banking, lending and saving. And we align our business and philanthropic efforts to help more communities benefit from a growing economy. This company has made a significant economic impact in all of the communities we operate in, and are excited to become an even more relevant part of many others.   

Second, we are further investing in our employees. We want to have the best people, period. We know happy customers start with happy employees, and we want to be the best place to work everywhere we work. For the second time in two years, we are raising wages for 22,000 employees. For employees making between $12-16.50 an hour, we will raise wages to $15-18 an hour, depending on local cost of living. This is the right thing to do and we believe it puts us well above the average hourly wage for most markets. These increases are on top of the value of the firm’s full benefits package, which averages to $12,000 for employees in this pay range. But the improvements won’t stop here. We are reducing medical plan deductibles by $750 per year for employees making less than $60,000.

Third, credit is essential to a healthy economy and growth, and our new investments include sizable increases in lending to small businesses and homeowners. Through the Commercial Bank and Business Banking, we will hire 500 new bankers to expand small business lending by 20%, or $4 billion, over three years, and enter new markets. We are also doubling investment in our Small Business Forward initiative to $150 million over five years to help small businesses run by women, minorities and veterans with both the capital and technical assistance they need to grow.

Fourth, we look forward to helping more families live their dream of owning a home by increasing home lending in low and moderate income communities by 25%, or $50 billion, over the next five years. To do so, we will hire up to 500 new Home Lending advisors across our current markets and into some new ones. We will also increase lending for affordable rental housing to $7 billion over five years.

Finally, to help drive inclusive economic growth in local communities, we are increasing our annual philanthropic investment. This will lead to a total investment of $1.75 billion over five years.

We’ve always believed that the highest and best use of our capital is to support employees and local communities and businesses by doing what a bank is supposed to do: lending and investing. Our company is strong and growing, and when we grow, so do the communities we do business in. 

We look forward to sharing the benefits of a strong and healthy company by strengthening even more local communities across our great country.