JPMorgan Plans to Lift Salary Freeze

The bank is lifting a salary freeze it put in place last year for employees making more than $60,000 a year, a report says.
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NEW YORK (

TheStreet

) --

JPMorgan Chase

(JPM) - Get Report

is lifting a salary freeze it put in place last year for employees making more than $60,000 a year,

Reuters

reports, citing an internal bank memo.

The decision by JPMorgan to lift the salary freeze is part of its year-end performance and compensation review process, according to a memo from human resources director John Donnelly.

The bank will pay a $500 special award to employees globally that receive less than $60,000 in total compensation, Donnelly wrote in the memo.

Reuters

says the memo was confirmed by a bank spokesman.

JPMorgan believes its pay practices for top executives follow best principles, Donnelly wrote.

CEO Jamie Dimon didn't receive a bonus last year and it is unclear if he will receive one this year. He received total compensation of $19.7 million last year which includes a $1 million salary and stock and options awarded in previous years,

Reuters

reports, citing regulatory filings.

Separately, the second-largest U.S. bank also is adding more than 300 staff to its branches to support a $4 billion increase in small business lending, according to

Reuters

.