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<span style="font-size: 17pt"><span style="font-weight: bold">
JPMorgan Resumes Raises, 401(k) Match, Gives Staff $500 Payment
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By Linda Shen
Nov. 9 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by deposits, lifted a salary freeze on employees earning more than $60,000 a year, restored matching payments for employee retirement accounts and plans to give a $500 “special award” to staff who earn less than $60,000.
The freeze imposed last year would be rescinded as part of JPMorgan’s year-end review process, “with raises effective early next year,” according to a memo distributed to the staff today by Human Resources Director John Donnelly. A copy was obtained by Bloomberg News.
JPMorgan paid back $25 billion of government bailout funds in June and isn’t covered by compensation limits like Citigroup Inc. and Bank of America Corp., where the U.S. still owns stakes. Kenneth Feinberg, the Obama administration official charged with regulating compensation, has cut pay at U.S. companies which received “exceptional” government aid.
Tasha Pelio, a spokeswoman for the New York-based lender, declined to comment. The changes were reported earlier today by the New York Times.
Last Updated: November 9, 2009 13:50 EST
<span style="font-size: 17pt"><span style="font-weight: bold">
JPMorgan Resumes Raises, 401(k) Match, Gives Staff $500 Payment
</span></span>
By Linda Shen
Nov. 9 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by deposits, lifted a salary freeze on employees earning more than $60,000 a year, restored matching payments for employee retirement accounts and plans to give a $500 “special award” to staff who earn less than $60,000.
The freeze imposed last year would be rescinded as part of JPMorgan’s year-end review process, “with raises effective early next year,” according to a memo distributed to the staff today by Human Resources Director John Donnelly. A copy was obtained by Bloomberg News.
JPMorgan paid back $25 billion of government bailout funds in June and isn’t covered by compensation limits like Citigroup Inc. and Bank of America Corp., where the U.S. still owns stakes. Kenneth Feinberg, the Obama administration official charged with regulating compensation, has cut pay at U.S. companies which received “exceptional” government aid.
Tasha Pelio, a spokeswoman for the New York-based lender, declined to comment. The changes were reported earlier today by the New York Times.
Last Updated: November 9, 2009 13:50 EST