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(The Business Journals)   JPMorgan CEO Jamie Dimon defends his company's low minimum wage of $16.50 an hour, says if they paid everyone else more money, how would they afford his $30 million a year salary?   (bizjournals.com) divider line
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827 clicks; posted to Business » on 14 Apr 2019 at 4:50 PM (8 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2019-04-14 02:42:58 PM  
Always a good idea to put your full confidence and security in an underpaid employee.

/ Former security guard here, I was often placed in corporate HQs for some reason and yes I learned, heard and knew everything.
 
2019-04-14 03:01:02 PM  
media.makeameme.orgView Full Size
 
2019-04-14 04:40:45 PM  
"If we paid everyone else more money, how would I afford my $30-million-a-year salary?", Dimon said.

WOW HE ACTUALLY SAID THIS
 
2019-04-14 04:42:15 PM  
"Low minimum wage of $16.50"... smh...  It's a bank, libs.  They aren't the government - they aren't going to just give you hand-outs.
 
2019-04-14 04:52:17 PM  

Lucky LaRue: "Low minimum wage of $16.50"... smh...  It's a bank, libs.  They aren't the government - they aren't going to just give you hand-outs.


Underrated post.  I figure "hand out money" would have driven it home but the ambiguity will get a couple of bites.
 
2019-04-14 04:56:41 PM  
Are they holding guns to the heads of people to accept those $16.50 an hour jobs? No? Why are you angry those individuals have chosen to work for that wage? Are you anti-choice?
 
2019-04-14 05:02:08 PM  

Not_Todd: Are they holding guns to the heads of people to accept those $16.50 an hour jobs? No? Why are you angry those individuals have chosen to work for that wage? Are you anti-choice?


Exactly.  She can always quit and go work at some other place that is offering $14 an hour instead.

/Our local range is $10.50ish for fast food; $12-$15 bank teller and front desk work.  Best non-degree job in town that isn't construction, etc, is desk job at the University, paying about $16/$17 with nice benefits.  Those are hard to get.
 
2019-04-14 05:13:08 PM  
What does JP Morgan do that's only worth $16.50/hr?
 
2019-04-14 05:14:13 PM  
Ha ha! Those suckers! I get paid $17.03 an hour! Suck it, losers!
 
2019-04-14 05:18:58 PM  

Mike_LowELL: "If we paid everyone else more money, how would I afford my $30-million-a-year salary?", Dimon said.

WOW HE ACTUALLY SAID THIS


Was that in TFA cause I couldn't find it.
 
2019-04-14 05:29:05 PM  

dv-ous: What does JP Morgan do that's only worth $16.50/hr?


Receptionists, secretaries (maybe starting salary), clerks.....  an investment bank isn't just made of investment bankers - there are a lot of support staff.
 
2019-04-14 05:32:07 PM  
Dimon continued "If I could enslave these low life shiatbags and make them work for free I would do it, I'd hire an illegal alien for $5 an hour to make them rice. I'd keep them chained in the basement during off hours, feed them once a day and work them until they died"
 
2019-04-14 05:33:59 PM  
Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.
 
2019-04-14 05:52:06 PM  

jayphat: Mike_LowELL: "If we paid everyone else more money, how would I afford my $30-million-a-year salary?", Dimon said.

WOW HE ACTUALLY SAID THIS

Was that in TFA cause I couldn't find it.


Wait, Fark links to articles?
 
2019-04-14 05:52:46 PM  

Not_Todd: Are they holding guns to the heads of people to accept those $16.50 an hour jobs? No? Why are you angry those individuals have chosen to work for that wage? Are you anti-choice?


If the choice is between accepting crap wages and starving, well, yes, that's the same as holding a gun to someone's head.
 
2019-04-14 06:24:48 PM  
As long as people are willing to accept jobs paying those wages, there is no motivation for Chase to increase wages. We are at a point where unions should be making a huge comeback in the US, but most unions seem to be failing their members.
 
2019-04-14 06:43:47 PM  

Craw Fu: As long as people are willing to accept jobs paying those wages, there is no motivation for Chase to increase wages. We are at a point where unions should be making a huge comeback in the US, but most unions seem to be failing their members.


As long as business uses politicians to flood the labor pool with slave and near slave wages these businesses will exploit us. Wall Street loves "Free Trade".
 
2019-04-14 06:44:13 PM  

OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.


Local credit unions are frequently behind on the latest technology due to have less liquid cash floating around and a smaller cash base in general.
 
2019-04-14 06:52:02 PM  

OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.


Yup, I use a credit union, super happy with them.
 
2019-04-14 07:00:14 PM  

Mike_LowELL: jayphat: Mike_LowELL: "If we paid everyone else more money, how would I afford my $30-million-a-year salary?", Dimon said.

WOW HE ACTUALLY SAID THIS

Was that in TFA cause I couldn't find it.

Wait, Fark links to articles?


I dunno. I haven't clicked on a link since they got rid of Foobies.
 
2019-04-14 07:05:23 PM  

Nurglitch: OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.

Local credit unions are frequently behind on the latest technology due to have less liquid cash floating around and a smaller cash base in general.


Uhhh, what?

Maybe the tiny ones but the credit union I'm with has allowed me to stick with them for everything except my mortgage and the nearest branch is 180 miles away and one state line.  And I've been with them for close to 30 years

The local CU my wife uses (she likes local branches) offer all the same features.  Plus they have our mortgage
 
2019-04-14 07:33:29 PM  
16.50/hr

When did we abandon 15/hr as being too low?
 
2019-04-14 07:38:24 PM  
I'm sure there's a few businesses who'll pay their workers more than market wages, "Because we can", but mostly it isn't done because it would be stupid.
 
2019-04-14 07:41:25 PM  

Meatsim1: 16.50/hr

When did we abandon 15/hr as being too low?


It's pretty naive to think liberals would have stopped at being unreasonable while there is a whole range of irrational they've yet to explore.
 
2019-04-14 07:44:58 PM  
This concept that we live in a free market with equal upwards and downwards freedom for wages is belied by wealth and wage trends over the past 60 years. There is nothing preventing companies from driving wages lower and lower, whether it's by threatening automation, outsourcing, or turning employees into contractors. Dimon is just one example of vulture capitalism run amok.
 
2019-04-14 07:47:29 PM  

jjorsett: I'm sure there's a few businesses who'll pay their workers more than market wages, "Because we can", but mostly it isn't done because it would be stupid.


And that's exactly why we need the government to force increases in the minimum wage. If everyone has to do it then it doesn't unlevel the playing field.
 
2019-04-14 07:54:56 PM  

Lucky LaRue: Meatsim1: 16.50/hr

When did we abandon 15/hr as being too low?

It's pretty naive to think liberals would have stopped at being unreasonable while there is a whole range of irrational they've yet to explore.


Holy projection, Batman!
 
2019-04-14 08:31:46 PM  
$16.50 is low now? It's 10% higher than the $15 minimum wage people have been clamoring about for the past few years
 
2019-04-14 08:33:58 PM  
So the takeaway is that the higher quality workers are going to work at Bank of America instead of Chase.

When you pay lower wages, you get lower quality work.
 
2019-04-14 08:50:41 PM  

brownribbon: $16.50 is low now? It's 10% higher than the $15 minimum wage people have been clamoring about for the past few years


His answer is stupid regardless of what you think of the numbers.

And I would assume you'd want someone better than a fry cook at a bank.
 
2019-04-14 08:51:08 PM  

brownribbon: $16.50 is low now? It's 10% higher than the $15 minimum wage people have been clamoring about for the past few years


Inflation for the past 3 years is 6.7%, putting the $15 from say 2016 at $16.01 now. [1] Not the full 10%, but compounding inflation year over year can add up.

[1] https://data.bls.gov/cgi-bin/cpic​alc.p​l?cost1=15&year1=201603&year2=201903
 
2019-04-14 08:53:03 PM  

Tsuyoi: brownribbon: $16.50 is low now? It's 10% higher than the $15 minimum wage people have been clamoring about for the past few years

Inflation for the past 3 years is 6.7%, putting the $15 from say 2016 at $16.01 now. [1] Not the full 10%, but compounding inflation year over year can add up.

[1] https://data.bls.gov/cgi-bin/cpica​lc.pl?cost1=15&year1=201603&year2=2019​03


It's like you are saying higher baseline wages lead to higher inflation.. that cant be right...

Lol..smh...
 
2019-04-14 09:00:12 PM  
$16.50 an hour is still about 75th percentile for wages among tellers. Your local credit union is probably paying their tellers less.

Nurglitch: OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.

Local credit unions are frequently behind on the latest technology due to have less liquid cash floating around and a smaller cash base in general.


This argument seems like it would make more sense 10 years ago.  Everyone has online banking and even most credit unions have mobile check deposit.  Besides Zelle, what else is there?
 
2019-04-14 09:11:47 PM  

Nurglitch: OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.

Local credit unions are frequently behind on the latest technology due to have less liquid cash floating around and a smaller cash base in general.


Interesting, mine had a chip CC before my bank (before I switched everything away from them), have every feature that you see advertised for large banks, reimburse you for any ATM fees....

Lucky LaRue: Meatsim1: 16.50/hr

When did we abandon 15/hr as being too low?

It's pretty naive to think liberals would have stopped at being unreasonable while there is a whole range of irrational they've yet to explore.


Don't worry, Lucky, eventually, those wide-stanced rapepublican officials will up your pay for your "services".  One day you may even earn a whole dollar per BJ.
 
2019-04-14 09:34:38 PM  

Meatsim1: 16.50/hr

When did we abandon 15/hr as being too low?


An inch is a mile, capitalist pig!  Every participant trophy receiving young adult should get 200 bucks an hour and a free car for joining the work force.
 
2019-04-14 09:35:06 PM  

The Reverend Sam Hill: Not_Todd: Are they holding guns to the heads of people to accept those $16.50 an hour jobs? No? Why are you angry those individuals have chosen to work for that wage? Are you anti-choice?

If the choice is between accepting crap wages and starving, well, yes, that's the same as holding a gun to someone's head.


Then why do people go on strike? Isn't that crap wages while striking?
 
2019-04-14 10:18:13 PM  

CrazyCurt: Always a good idea to put your full confidence and security in an underpaid employee.

/ Former security guard here, I was often placed in corporate HQs for some reason and yes I learned, heard and knew everything.


The person with the highest clearance rating is usually the janitor.
 
2019-04-14 10:32:27 PM  

JinxedLynx: The Reverend Sam Hill: Not_Todd: Are they holding guns to the heads of people to accept those $16.50 an hour jobs? No? Why are you angry those individuals have chosen to work for that wage? Are you anti-choice?

If the choice is between accepting crap wages and starving, well, yes, that's the same as holding a gun to someone's head.

Then why do people go on strike? Isn't that crap wages while striking?


You're asking simple questions, so here's a simple answer, Striking implies a union, there is not always a union, it's increasingly uncommon these days to have a union. Approximately zero percent of bank teller positions are unionized. If *you* go on "strike" they have a position to fill.
 
2019-04-14 10:43:49 PM  
I just wish corporations would call the bluff on their CEO compensation packages.  I would guarantee that JP Morgan Chase could find someone who could do Dimon's job just as well for much less than $31 million per year.
 
2019-04-14 11:25:45 PM  

OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.


Andrew Jackson had it right. That was he only thing he had right, but he did damned good job fighting off the bankers.
 
2019-04-14 11:26:25 PM  

wesmon: OhioUGrad: Why on Earth did people go back to big banks after what they learned in 2008? You have a local credit union, use it.

Andrew Jackson had it right. That was he only thing he had right, but he did damned good job fighting off the bankers.


A damned good job even.
 
2019-04-14 11:39:46 PM  
We can't solve our issues entirely with higher wages. Lower cost of living also has to happen, particularly housing, education, and medical care. The rise in wages recently has been eaten up by rising rents and medical costs, not to mention the persistent drag caused by high education debt.
 
2019-04-14 11:55:44 PM  
People should realize that JP Morgan outsources many kinds of support functions, so what they pay directly is not very meaningful. For instance they have hundreds of active legal cases at any given time, and they hire legal IT services companies that pay people in the US barely more than $16/hr and people in India, the Philippines or elsewhere far less. But those people don't live in NYC and therefore don't have the same cost of living.

If a big well-known company really wants to say they pay a high minimum wage, all they have to do is make sure the scut-work is outsourced. In the majority of cases, it already is. My former employer had an outsourced cleaning crew; they didn't employ janitors. I'm not sure anyone does these days. I interviewed for a job in a mail room, which I thought was with a well-known company. It turned out I was not allowed through security. My interviewer came down and talked to me in the lobby. She worked for a contractor, not for the company itself.
 
2019-04-15 12:49:55 AM  

Lucky LaRue: "Low minimum wage of $16.50"... smh...  It's a bank, libs.  They aren't the government - they aren't going to just give you hand-outs.


Companies want more and more. Well I want more. I want more money and I don't take kindly to Republicans telling me to work my life away making low wages to support these companies.

I would rather take a life than waste mine while someone profits off me. More and more people are feeling like that and when it comes to a head it will be a bloodbath. There won't be any liberals or conservatives then. It will be the poor vs the rich and the poor will win.

It will repeat again in a few hundred years. As it always have and always will. The poor are culled by disease and the rich are culled by the poor. Circle of life.
 
2019-04-15 01:58:19 AM  

Meatsim1: 16.50/hr

When did we abandon 15/hr as being too low?


When we realized that the fight for $15/hr. started in 2012 and we factored inflation in.
 
2019-04-15 02:07:40 AM  

MizzouFTW: Lucky LaRue: "Low minimum wage of $16.50"... smh...  It's a bank, libs.  They aren't the government - they aren't going to just give you hand-outs.

Companies want more and more. Well I want more. I want more money and I don't take kindly to Republicans telling me to work my life away making low wages to support these companies.

I would rather take a life than waste mine while someone profits off me. More and more people are feeling like that and when it comes to a head it will be a bloodbath. There won't be any liberals or conservatives then. It will be the poor vs the rich and the poor will win.

It will repeat again in a few hundred years. As it always have and always will. The poor are culled by disease and the rich are culled by the poor. Circle of life.


Sorry I was watching Game of Thrones. I think I'll just go back to college instead
 
2019-04-15 03:44:42 AM  
One of the points of paying people more is to get more money into the hands of lots of people who spend it and drive the economy instead of a few who hoard it and do nothing more with it than suck more money out of the economy.
 
2019-04-15 04:44:44 AM  
I had 2 friends laid off recently. They had jobs I would have automated out of existence. I think they were.
 
2019-04-15 05:20:36 AM  
The saddest part is that $16.50 an hour would be a huge step up for a lot of American workers.
 
2019-04-15 05:44:06 AM  
So the bank employees would be open for opportunities to make some extra extra money. Tips for large cash deliveries, access to restricted systems, creating anonymous accounts & money transfers.

Hypothetically speaking..
 
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