JPMorgan Chase raise wages after sustained pressure
JPMorgan Chase CEO Jamie Dimon announced the decision to improve wages for its lowest-paid employees, with hourly wages set to rise to $16.50. However, despite the move being a small step in the right direction, many believe that JPMorgan Chase workers deserve better. CEO Jamie Dimon received a 35 % pay increase from $20 million to $27 million just last year, and this agreement will only cover 18,000 of the company’s 235,000 workers.
Head of UNI Finance, Marcio Monzane said, “Bank workers must see this as a step in the right direction for the financial sector. Although the wage increase is far from enough to ensure a living wage, this announcement proves that the Better Banks Campaign can create positive results.”
“This is a clear result of the efforts made across the banking sector to improve working conditions in the United States.”
In response to JPMorgan Chase CEO Jamie Dimon’s announcement, a frontline bank teller manager at Santander and a member of the Committee for Better Banks issued the following statement:
“The planned wage increases at Chase banks are a huge victory for the thousands of frontline bank workers who have been standing together for years to fight for fair pay. The average bank CEO takes home 470 times the average frontline bank worker’s salary, and this is an important step in the right direction to secure living wages for us and our families. But wage increases at one bank are not enough: all retail banks must work to cease the predatory banking practices and aggressive sales metrics systems that create the hostile work conditions which harm bank workers and consumers alike.”
"Bank workers have been speaking out about Chase's low wages for years- and the bank has been feeling the heat,” said Reuben Traite, a Spokesperson for Committee for Better Banks.
“This raise to frontline bank workers is pennies for JP Morgan Chase. This is the largest bank in America, just last year they made $24 Billion in profits. Yet, Jamie Dimon thinks he’s a hero for raising wages of frontline bank workers to $13. That’s not a living wage anywhere in the country. Chase can do better and so can all big banks."