JPMorgan's CEO calls for an increased minimum wage, saying people who work 'starter jobs' like cashiers, cooks, or bank tellers don't get the 'dignity' they deserve

• JPMorgan Chase CEO Jamie Dimon said the US should "immediately increase the minimum wage."
• Dimon said as much in his annual letter to shareholders, published on Monday.
• He also used the letter to decry a lack of respect given to "starter" jobs, like cashiers or cooks.

JPMorgan CEO Jamie Dimon called for a minimum wage increase in the United States on Monday.

"We should immediately increase the minimum wage and the EITC [earned income tax credit]," he said in an annual letter to shareholders, "to both entice more people into the workforce and to get more income into the hands of the lower paid."

A minimum wage increase would serve to bolster the finances of tens of millions of Americans working "starter jobs," the billionaire said, "such as cashiers, office workers, bank tellers, fast food cooks and others."

An increase to the EITC, meanwhile, could reduce how much tax many Americans owe every year, especially those with low incomes.

Moreover, he decried the way some Americans "diminish" these jobs that are essential to the American economy.

"Some in society diminish 'starter' jobs," he said, but they "bring dignity, provide security for many families, and create a solid work ethic."

To that end, Dimon cited a statistic from the fast-food pizza chain Domino's: "More than 95% of Domino's franchise owners started as delivery drivers or pizza makers," he said.

In his letter to shareholders, Dimon also spoke about the ongoing impact on Chase's business from the COVID-19 pandemic and new impacts from Russia's invasion of Ukraine.

As CEO, Dimon increased wages for the banks' lowest-earning employees in 2018. Branch staff and customer service employees now make anywhere from $15 to $18 per hour at the company.

Dimon has a net worth of approximately $1.7 billion, according to Forbes.

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