JPMorgan Chase and Bank of America have offered bonuses to frontline staff working through the coronavirus pandemic, a move that is expected to be replicated across the industry in the coming days.
JPMorgan Chase is giving bank tellers and other staff a one-time bonus of up to $1,000, whilst Bank of America is increasing tellers’ pay by $400 and reducing work shifts by at least two hours, in order to help their employees offset the effects of the pandemic.
“Many of our front line employees in our branches, operations and call centers, and other key sites who continue to go into their office or branch each day face particular challenges related to issues like childcare and transportation” JPMorgan Chase said in a Friday memo to employees.
“To help them meet these challenges and to recognize their ongoing commitment to our customers, clients and communities, we will make a one-time COVID-19 special payment equal to a maximum of US$1,000” the bank added, clarifying that payments issued could not exceed 10% of salaries.
Bank of America CEO Brian Moynihan approved measures to assist those unable to work from home due to the nature of their jobs.
“In our financial centers nationwide, eligible employees will continue to be paid for their regular, full weekly schedule, even if their hours are adjusted to less; and eligible employees actively working in the financial centers will receive a special supplemental payment of $200 per pay period” employees were notified.
Additionally, Bank of America made the decision to reduce branch opening hours to 10am-4pm, with branches previously opening at 9am and closing at 5-6pm.