JPMorgan (JPM) Stock Higher as Dimon Raises Wages
NEW YORK (TheStreet) -- Shares of JPMorgan Chase (JPM) - Get Report are up 1.53% to $63.22 this morning after CEO Jamie Dimon said that he would be raising wages for thousands of employees in an editorial published in the New York Times.
Currently the bank pays a minimum salary of $10.15 per hour, almost $3 above the national minimum wage. Dimon plans to raise JPMorgan's minimum pay to $12-$16.50 per hour over the next three years for 18,000 of the bank's employees.
Dimon also hopes to improve benefits.
He cites wage stagnation, income inequality, a lack of quality education and insufficient training as issues that have spurred the New York-based bank's rising salaries.
The bank also hopes to invest $200 million by the year's end on training for entry-level employees.
Dimon says that he hopes to "find ways to help [people] move up the economic ladder."
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of A-.
The company's strengths can be seen in multiple areas, such as its expanding profit margins and attractive valuation levels. TheStreet Ratings feels its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: JPM
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.