Here are five things to know about the plan.
1. JPMorgan intends to hire 4,000 employees. The bank will also increase wages for 22,000 employees by an average of 10 percent to between $15 per hour and $18 per hour.
2. JPMorgan plans to open up to 400 branches in new U.S. markets over the next five years and increase small business lending by $4 billion. The firm has 5,130 branches in 23 U.S. states, and may expand to 15 to 20 new markets.
3. The bank will increase philanthropic donations by 40 percent over five years to $1.75 billion.
4. JPMorgan also intends to increase mortgage lending in low- and moderate-income communities by 25 percent to $50 billion.
5. The firm said recent U.S. tax reform — which lowered the corporate tax rate from 35 percent to 21 percent — helped make the investment possible.
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