The nation’s megabanks are enjoying record profits. But they still aren’t sharing that wealth with their frontline workers.
We know they can afford it: they got a $28 billion tax break from the Trump tax law, and they’re paying it to themselves and wealthy shareholders. Facing mounting pressure, Bank of America recently announced it was raising its starting wage to $20/hour by 2021.
Big bank CEO Jamie Dimon was recently in the news for bemoaning that nearly half of Americans don’t have $400 in savings for an unexpected expense. But when Rep. Katie Porter (D-CA) showed him the math on how a hypothetical single mom in her district couldn’t possibly make ends meet on the $16.50/hr that JP Morgan Chase pays, Dimon remained unmoved about raising the bank’s starting wage.
It’s unacceptable that the megabanks are reaping record profits, but not sharing even enough for their workers to get by.