BP#2 JPMorgan Chase Proactive on Wage Gap?

Link to article: http://www.nytimes.com/2016/07/12/opinion/jamie-dimon-why-were-giving-our-employees-a-raise.html?ref=economy

Jamie Dimon, CEO of JPMorganChase, published an OpEd piece on how his company is tackling nationwide issues like: income inequality, lack of education and job training, and wage stagnation. In his article, he states the companies current minimum salary is $10.15/hour (plus meaningful benefits). Their current plan is over the next 3 years to raise this minimum to somewhere in range of $12 to $16.5/hour for around 18,000 full-time, part-time, & new employees. The 4 dollar range can be explained by market locations, i.e. a NYC bank teller will make more than an Allendale teller. He says that a pay increase is the “right thing” to do and backs it up with statistics like 5 million young people who are not working or going to school and lack transferrable skills for better careers.
This is an obvious PR stunt too redeem JPMorgan Chase in the eyes of the public. (For those who don’t know anything about the company here is a Wall Street Journal that details why they have a bad public image, http://www.wsj.com/articles/SB10001424052702304470504579161532779973534) His article is an OpEd piece from outside the paper, so he isn’t necessarily bound by journalistic integrity. However, his lack of sourcing for statistics definitely begs the question of their validity. Is it possible they come from his company which was so incredibly wrong about sub-prime mortgages? Cross-checking any of his information would make anyone skeptical of a company with already questionable ethical practices.
You really do have to question the integrity of an institution that (not even 10 years ago) played such a huge role in the last financial crisis our country faced. There is a clear lack of consistency and coherence in what Mr. Dimon says are his companies beliefs. Many of the virtues he is claiming are very regularly contradicted by their actions in business practices and politics. It appears to me this is simply a greedy grab for a company that needs all the positive PR it can get.


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