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JP Morgan, Bank of America – Wages Increases

US Credit Markets - Volumes Dry Up on Rate Rises and Volatility

The minimum wage was increased to $17 per hour and will be increased to $20 per hour by the top banks are they focus on income inequality to fight the weak points of capitalism. In addition to the increased wages, Bank of American CEO Brian Moynihan said the the bank will freeze the costs of healthcare for lower income workers who are struggling with family healthcare costs. 

Jamie Dimon of JP Morgan and Brian Moynihan of Bank of America have increased wages as it is a hot button issue for the 2020 election, and of course to protect themselves as the income inequality of the lowest paid worker is much less than the CEO. Many of those in the financial world have been speaking about income inequality in the past six months. 

Currently, one-third of bank tellers are on some sort of government assistance including food stamps and welfare payments. This is according to a survey of conducted by the The Committee for Better Banks. Note that the top CEOs at major banks receive $20 to $30 million per year in salary and bonus compensation. Moynihan received $26.5 million dollars while Jamie Dimon received $31 million in 2018 – both at the top of the banking pyramid. 

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