Bengaluru/New York — JPMorgan Chase unveiled a $20bn investment plan on Tuesday to increase wages, hire more, open new branches and expand its business as it takes advantage of sweeping changes to the US tax law and improved regulatory environment. The bank joined several other US corporations that have already announced spending plans following President Donald Trump’s tax overhaul that is expected to kick-start economic growth in part by offering incentives for capital investment. Laying out the most explicit use of tax savings announced by any major bank, JPMorgan said it would increase wages for 22,000 employees by an average of 10%, ranging between $15 and $18 per hour, hire 4,000 employees and open up to 400 Chase branches in new cities. The five-year investment plan comes after CE Jamie Dimon’s push to ramp up investment in businesses as the bank has now finished the majority of work it needed to do to clean up troubled home mortgages and comply with tougher capital requireme...
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