Markets
JPM

JPMorgan Chase Handing Out $1,000 Bonuses to "Front Line Employees"

In what can be considered a form of hazardous duty pay, banking giant JPMorgan Chase (NYSE: JPM) is giving certain employees a one-time cash bonus of $1,000 apiece. The bonus, intended for "front-line" workers who staff the company's wide network of banks or those who have to do their labors from the office, will be accompanied by other perks, such as five new paid days off.

Various media outlets reported the move, citing an internal company memo that was obtained by the press. The company itself has not publicly and officially announced the policy.

Money being passed through a bank teller window.

Image source: Getty Images.

In order to qualify for the bonus and the perks, full- and part-time JPMorgan Chase employees must make below $60,000 per year. They are also eligible if they work in one of the bank's branches.

It wasn't immediately clear when the bonuses would be paid, or when the perks would vest.

JPMorgan Chase has closed around 20% of its branches in the U.S. and encouraged many of its employees who aren't front-liners to work from home, in efforts to mitigate the spread of the SARS-CoV-2 coronavirus.

Although the company has grown to become the largest American bank by assets, it has had its share of turmoil lately. Earlier this month, its long-serving CEO Jamie Dimon had to undergo emergency heart surgery. His duties are currently being handled by the company's two co-presidents, Daniel Pinto and Gordon Smith.

On Friday, JPMorgan Chase's shares dipped by just over 2%. They performed better than the key stock market indexes, which generally sank deeper on the day.

10 stocks we like better than JPMorgan Chase
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and JPMorgan Chase wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of March 18, 2020

 

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

JPM

Latest Markets Videos

The Motley Fool

Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Learn More