JPMorgan giving some 'front line workers' dealing with coronavirus $1,000 bonus

Millennials still spending despite coronavirus fears: JPMorgan COO

JPMorgan Chase & Co. co-president and chief operating officer Gordon Smith said most of the holdback from spending is coming from ‘older generations,’ not Millennials.

JPMorgan Chase said Friday it is giving bank tellers and other "front line employees" who are unable to work from home in the midst of the coronavirus pandemic a one-time $1,000 bonus.

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The largest U.S. bank, which temporarily closed about 1,000 of its roughly 5,000 branches earlier this week, said it will make payments of $1,000 — $500 in April and $500 in May — to full- and part-time staff whose jobs require them to continue going into an office or Chase branch.

Workers who make less than $60,000 in total annual cash compensation are eligible for the bonus, according to an internal memo.

The company also announced that it's providing employees with up to five extra sick days, as well as allowing people to carry over unused vacation time from 2019 until June, as a way to “help employees manage child care/dependent care and temporary disruption of service issues during this difficult period,” the memo said.

The announcement comes as the bank struggles to protect employees from the coronavirus pandemic, while continuing to serve the community.

"We are doing everything we can to step up for our country, our customers and for all of you," Thasunda Duckett, CEO of Chase Consumer Banking, said earlier this week.

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