JPMorgan Raising Wages After Passage of Tax Reform

first_imgSign up for DS News Daily JPMorgan JPMorgan Chase JPMorgan Chase & Co tax cuts and jobs act Tax Reform 2018-01-23 David Wharton  Print This Post JPMorgan Raising Wages After Passage of Tax Reform The Best Markets For Residential Property Investors 2 days ago January 23, 2018 1,547 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / JPMorgan Raising Wages After Passage of Tax Reform The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Hurricane Aftermath Continues to Affect Mortgage Delinquency Next: The Long-Term Impact of Hazard Mitigation While the long-term impacts of the tax reform bill passed by Congress and signed into law by President Trump remain to be seen, at least one major corporation is investing some of their tax windfall into continuing growth. According to U.S. News & World Report, JPMorgan is raising hourly employee wages, hiring thousands of new employees, and opening new branches around the country.The Tax Cuts and Jobs Act of was signed into law by President Trump on December 22, 2017, implementing sweeping changes to many parts of the tax code—and dropping the corporate tax rate from 35 percent to 21 percent. The theory is that this will inspire corporations to invest more in the United States, to hire more people, and to pay those people higher wages. New York-based bank JPMorgan seems to be doing precisely that.JPMorgan has announced that it will be increasing hourly wages to a range of $15 to $18 per hour, up from the previous averages of between $12 and $16.50 per hour. The bank is also planning to open 400 new branches, hire 4,000 new U.S. employees, and reduce medical plan deductibles for some employees.According to U.S. News, JPM also plans to increase the number “affordable” home loans it originates by 25 percent to $50 billion and increase philanthropic donations by 40 percent to $1.75 billion.Chairman and CEO Jamie Dimon told U.S. News & World Report, “Having a healthy, strong company allows us to make these long-term, sustainable investments. We are excited about further investing in our outstanding workforce and expanding into new U.S. markets.”The new branches will be rolled out over the next five years and in up to 20 new markets, according to U.S. News. JPMorgan currently operates in 23 different states, totaling more than 5,000 local branches.Although JPMorgan reported a 37 percent drop in profits during Q4 2017, which it attributes to having to write down the value of its tax-deferred assets after changes to the tax code, rising interest rates will allow the bank to charge higher rates on loans, which should increase net interest income.JPMorgan Chase’s Q3 2017 financial reports, released in October 2017, showed the company reporting a revenue of $25.3 billion, with $6.7 billion in net income for the quarter. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Headlines, Journal, News Tagged with: JPMorgan JPMorgan Chase JPMorgan Chase & Co tax cuts and jobs act Tax Reformlast_img read more

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Max Allegri has two big concerns about replacing Freddie Ljungberg at Arsenal

first_imgArsenal’s misfortunes have continued under interim boss Ljungberg (Picture: Getty)Allegri, who guided Juve to five successive Serie A titles, is one of the names in the frame, but according to The Evening Standard he is sceptical about taking over the reins in north London.AdvertisementAdvertisementADVERTISEMENTFirstly, the Italian needs to be convinced of the club’s ambition, with the side having fallen 10 points adrift of the Champions League places, while several key players are running down their contracts.Secondly, he needs to be shown that Arsenal genuinely want him to take over, having been left disappointed with how he was overlooked when the club were looking for a replacement for Arsene Wenger.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalAllegri was interviewed for the Arsenal job in the summer of 2018 but was beaten to the role by Emery, while Manchester City coach Mikel Arteta was also believed to have been ahead of the Italian in the Arsenal board’s thinking.If Arsenal do now want Allegri as their manager they will have to wait until the summer with the 52-year-old confirming that he will not take over a club midway through the season. Metro Sport ReporterSaturday 7 Dec 2019 2:00 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link Advertisement Allegri is enjoying his year out of management and will not return until June (Picture: Getty)Speaking to ESPN, he explained: ‘I don’t know if you can call it a sabbatical or not. As soon as the relationship with Juventus came to an end, the decision was to take a year out.‘Next year will be an important year. Important for the choice I end up making and the need to be prepared for it. After a year out and five years at Juventus, I don’t want to go back into the game and do badly.’MORE: Max Allegri distances himself from Arsenal job and says he will not return to management until JuneMORE: Arsenal fans turn on Pierre-Emerick Aubameyang for ‘abusing’ Joe Willock after misplaced pass in Brighton defeatMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Commentcenter_img The Italian coach will take some persuading to move to the Emirates (Picture: Getty)Former Juventus manager Massimiliano Allegri has reservations about taking over at Arsenal and will need convincing to join after being overlooked for the role previously in favour of Unai Emery.The Gunners are currently on their longest run without a league win since 1977, with interim manager Freddie Ljungberg suffering defeat in his home bow at the Emirates against Brighton on Thursday night.While Arsenal’s hierarchy are happy to remain patient in their hunt for a permanent successor to Emery, and will give Ljungberg time to prove his credentials, they are drawing up a list of candidates. Max Allegri has two big concerns about replacing Freddie Ljungberg at Arsenal Advertisementlast_img read more

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Poverty trap set at birth – study

first_imgNZ Herald 18 January 2012New Zealand researchers have put hard numbers to the adage that success breeds success – and failure breeds failure. A long-term study of 1265 children born in Christchurch in 1977 has found that those whose families were poor in their first 10 years of life earned about $20,000 a year less by the age of 30 than those who grew up in rich families. Those from poor families were more likely to leave school without qualifications, have babies before they were 20, commit crimes, go on welfare and have addiction and other mental health problems in adulthood. Most of these effects were explained by factors which tended to vary in line with family incomes, such as parents’ education, addictions, criminality and marital conflict and breakup, and the children’s own intelligence.“It could be that competent, bright families transmit their skills to their children and also earn higher incomes. It could also be that being bred in a high-income family provides children with role models and resources for both educational achievement and career success.”Professor Fergusson said the study showed that income inequality and behavioural issues, such as parents’ addictions, both had to be tackled to fix social problems. “For example, increasing the income of substance-using parents may be counter-productive since it will give them more access to purchasing alcohol or drugs,” he said.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10779433last_img read more

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Women’s track and field: Badgers set personal records at Stanford Invitational

first_imgThe University of Wisconsin women’s track and field team traveled to Stanford University this past weekend to compete in their outdoor season debut after a productive and successful indoor season.Recently the Badgers who qualified traveled to Birmingham, Alabama, to compete at the NCAA Championships.At the national meet, Banke Oginni placed 16th place in shot put and 14th in weight throw. In the distance medley relay, Alissa Niggemann, Gabby DesRosiers, Amy Davis and Bianca Stubler placed ninth. And Alicia Monson capped off her junior indoor season with a 10th place finish in the 3,000 meter run along with a national championship performance in the 5,000 meter run.Monson and Oginni both earned All-American Honorable Mention honors after competing in this meet as well.Women’s hockey: A look back at Wisconsin’s incredible championship SeasonThe University of Wisconsin women’s hockey team is no stranger to success in the world of Division I Women’s Collegiate Read…Looking to take the momentum into their outdoor season, six Badger athletes stood out in the Stanford Invitational with four of them placing in the top ten.Senior Shaelyn Sorensen set both a personal record and recorded the ninth fastest time in school history, placing third in the 10,000 meter run with a time of 33:29.70.Madison Mooney and Niggemann both placed fourth in their events.As a freshman, Mooney ran the first 1,500 meter outdoor race of her college career with a 4:27.92 time, good for a personal record and fourth place.Men’s swimming: Badgers send swimmers to compete at NCAA ChampionshipsThis past Saturday the University of Wisconsin men’s swimming team sent a pair of Badgers to compete in Austin, Texas Read…Niggemann placed fourth in the 3,000 meter steeplechase invitational section with a time of 10:05.60. Not only did she record a personal best, but the time sits second overall in Wisconsin history.Rachel Werking also took part in the 3,000 meter steeplechase and placed seventh in her section. The junior put up an impressive 10:46.49 in her debut of the event.Both Monson and Davis competed in the 10,000 meter invitational section. They placed 22nd and 26th, respectively with times of 33:02.91 and 33:15.04, respectively.The Badger women’s track and field team will travel with the men’s team to Tempe, Arizona this weekend to participate in the Sun Angel Classic at Arizona State.last_img read more

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Snow hampers 3rd day of Formula 1 testing in Spain

first_imgThe Catalunya racetrack with snow covered seating is shown before a Formula One pre-season testing session in Montmelo, outside Barcelona, Spain, Wednesday, Feb. 28. (AP Photo/Manu Fernandez)Montmelo, Spain (AP) — Cold weather continued to cause havoc for Formula One teams on Wednesday, with snowfall delaying the third day of testing and keeping cars mostly in the garage.Parts of the track were covered in snow when teams arrived at the Circuit de Catalunya-Barcelona, and when conditions improved only five drivers ventured out.Two-time world champion Fernando Alonso was the only driver to post a time after running 11 laps on full-wet tires with his Renault-powered McLaren.“The poor weather conditions made things difficult all day long,” Alonso said. “In the few laps we did at the end of the day we managed to collect some good data for future development, so even with the little running we could complete, the information we got is very positive. I’m happy that despite a difficult day of testing for everyone, we made the best of it.” The other four drivers who made it to the track — Daniel Ricciardo of Red Bull, Marcus Ericsson of Sauber, Robert Kubica of Williams and Brendon Hartley of Toro Rosso — only ran installation laps in the near-freezing temperatures.“We tried but it was nearly impossible to do anything so we stayed in the garage for most of the time,” said Kubica, Williams’ test driver.Mercedes, Ferrari, Force India, Renault and Haas didn’t get their cars out on the track. McLaren said Alonso was able to work on a series of tests and checks during his runs.“We adapted our program to maximize our time both in the garage this morning and later this afternoon when the track began to dry out,” McLaren racing director Eric Boullier said. “I’m satisfied that despite the challenges, we used our time efficiently today.”The unusually cold conditions near Barcelona have hindered the teams’ ability to learn much about their new cars throughout the week, with the track lacking enough grip for proper runs. It should be warmer for Thursday’s final session, but more rain was expected.There will be another four-day test session in Barcelona beginning next Tuesday. The season-opening Australian GP in Melbourne is March 25.“We shuffle our program around and try to fit all the work we need to do into seven days instead of eight,” Mercedes technical director James Allison said. “There’s just slightly less time available now. It is the same challenge for all the teams, so we take it on the chin and move on.”There were talks about adding extra days of testing in Barcelona, but the decision would need to be unanimously approved among the teams.It was cold for the first two days but cars were able to stay much longer on the track. They couldn’t run for most of the morning on Wednesday as organizers couldn’t open the track until visibility improved and the medical helicopter was cleared to fly.“Thanks for making me feel at home, Barcelona,” Ericsson, a Swede, said on Twitter after arriving at the snow-covered track.last_img read more

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