JPMorgan to raise pay, hire staff in $20 billion investment push

Andrew Harrer | Bloomberg | Getty Images

Jamie Dimon, chief executive officer of JPMorgan Chase & Co.

JPMorgan Chase said it would increase wages, hire more and open new branches as part of a $20 billion investment following the overhaul of the U.S. tax code.

The bank will increase wages for 22,000 employees by an average of 10 percent, ranging from between $15 and $18 per hour, hire 4,000 employees and open up to 400 Chase branches in new cities, it said.