Jamie Dimon defends JPMorgan Chase’s $16.50 an hour minimum wage, says it’s not an 'arms race'
JP Morgan Chase CEO Jamie Dimon testifies before the House Financial Services Committee in Washington on Wednesday. By Renae Merle Renae Merle Reporter covering white-collar crime and Wall Street Email Bio Follow April 12 at 1:32 PM JPMorgan Chase CEO Jamie Dimon on Friday defended the bank’s $16.50 minimum wage, saying it’s not in an “arms race” with competitors to raise entry-level salary any further.
This comes after Dimon was confronted on the issue by Rep. Katie Porter during a House hearing this week. Porter questioned how a mother with one child could survive on that salary after calculating the cost of child care and other expenses. Such a full-time employee would end every month more than $500 “in the red,” she said.
Asked whether JPMorgan Chase would match Bank of America’s minimum wage increase, Dimon said, It’s not an ‘arms race.’ ”JPMorgan Chase, the country’s largest bank, reported first-quarter earnings on Friday that beat Wall Street expectations. Profit and revenue rose 5 percent to $9.2 billion and $29.9 billion respectively compared with the same period last year.
Wells Fargo’s growing profit came even as it has struggled for nearly three years to convince regulators that it has changed since admitting opening millions of accounts customers didn’t ask for or need. Three of the bank’s most important regulators — the Federal Reserve, the Consumer Financial Protection Bureau, and the Office of Comptroller of the Currency — said in letters released by Democratic senators this week that they were still unhappy with Wells Fargo’s progress.
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