JPMorgan lifts salary freeze

[OhioChick]

Source: Reuters

10 Nov 2009, 0219 hrs IST, REUTERS

NEW YORK: JPMorgan Chase & Co is lifting a salary freeze it put in place last year, according to an internal memo from human resources director John Donnelly.

The second-largest U.S. bank, which in the summer returned $25 billion it received from the government's bank bailout fund, will also return to matching eligible U.S. employees' 401(k) pension plan contributions, after suspending those payments earlier this year, according to the memo.

The bank froze the salaries of employees earning more than $60,000 last year, as financial markets globally tumbled and the investment bank Lehman Brothers failed.

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

The decision to lift the salary freeze is part of the bank's year-end performance and compensation review process, according to the memo, which was confirmed by a spokesman.



Read more: http://economictimes.indiatimes.com/articleshow/5213866.cms

[Muttocracy]

1. oh. how nice for them. my employer is resisting salary warming. nt

[valerief]

2. Hell, you may now break loose!!!!

:argh:

[Mind_your_head]

3. Yeah! Raises for EVERYONE!!!! G-d d*mn greedy F*ckers!

Who/what is going to stop this abberation?!

[defendandprotect]

4. Reregulate capitalism . . . up to the eyeballs . . . these corporations have to be

highly reigned in -- permanently!!!

[tridim]

5. Chase just increased my minimum payment on a $200 balance.

Penalty fees are already stacking up.

I'm almost at the point where I may never repay the balance. I just don't care, my credit score is already decimated.

[Bozita]

6. More banksters doing God's work!

[L0oniX]

7. Oh good ...now they can afford to put fuel in their yachts.

[dflprincess]

8. I especially liked this:

"... will pay a $500 special award to employees globally that receive less than $60,000"


It's a major award!