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

By Eric Volkman - Mar 21, 2020 at 11:19AM

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Qualifying employees will also be given perks such as extra time off.

In what can be considered a form of hazardous duty pay, banking giant JPMorgan Chase (JPM 2.98%) 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.


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