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Chase increasing pay for workers, hiring 4000, bonuses because of tax cut
- Thread starter LinktothePastGOAT
- Start date
Curious to see if there is a negative follow-up to this.
We all saw what happened after Walmart's positive news.
We all saw what happened after Walmart's positive news.
Good for them and their workers.
I hope the next recession holds off a few years so that worker shortages can help us make ACTUAL progress on wages nationwide.
I hope the next recession holds off a few years so that worker shortages can help us make ACTUAL progress on wages nationwide.
I wonder what this forum would look like if we started a thread for every company that will not be doing this.
I remember feeling good about the Walmart thing until we saw the underbelly of their other actions.
Hoping this is something that won't come with any strings attached, and if so, good for them.
Hoping this is something that won't come with any strings attached, and if so, good for them.
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Does this create jobs and growth?
Or just raises and bonuses for existing employees?
-I'm not knocking the latter, but the tax cut was supposed to be an economic boom. Without meaningful expansion attached to it, this type of distribution will promote inflation.
Or just raises and bonuses for existing employees?
-I'm not knocking the latter, but the tax cut was supposed to be an economic boom. Without meaningful expansion attached to it, this type of distribution will promote inflation.
When people take home more money they spend more and that helps the economy. I don't quite understand your implication that the latter wouldn't contribute to an economic boom
Most of them will be laid off before 2020.
This is usually what happens.
TBH at %4.1 unemployment there isn't that much "growth" that can happen. Most economists consider that to be nearly full employment.
At this level fewer new jobs at higher pay is exactly what should be happening.
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Free PR.
Meanwhile, 0% interest savings rate and high minimum balances for its customers. They get nothing.
Who still uses this garbage bank?
Chase cards are pretty legit. And the vast majority of large banks have garbage interests rates. If you care about that for your savings account, either go with an online bank or a credit union
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What do credit cards have to do with retail banking? You even admitted to using alternatives like credit unions and online banks for savings.
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Thats a bullshit number.
people are only recorded as unemployed if they have actively looked for a job in the past 4 weeks. If its been 4 weeks and 1 day or more since you filled out an app, you fall off that percentage. For people who are so frusterated that they have given up, they arent recorded in the statistic.
The actual number is much higher, and considerably higher than even that for minorities. Then you can consider the underemployed, or people who are working part time jobs but cant find full time employment, which is 10% of the labor force (16% for the black population).
The unemployment rate for people who havent worked in a year or more was at 22% as of 2014.
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I mean that's great for the employees, but I find it hard to believe that taxes were preventing these huge companies from doing any of this stuff before the tax cut. That they wanted to increase pay but just couldn't afford to...but now they can! How much money are they saving again?
You can spin ANY time in US history and claim that the economy was shit for one reason for another. Hell, you are using the same arguments that the alt-right used to downplay economic improvement under Obama.
The economy is very solid right now... I am sorry if that doesn't fit the narrative you WISH was true in your head.
They'll be adding 4k jobs, but how many people will they be letting go? 4k new jobs doesn't necessarily mean 4k more employed (see Walmart and Sams Club for another example).
I'm trying to figure out why they need more people. Between having too many branches and shutting down some that are underperforming or eating into one another's loan business (a big thing with Chase) and installing high tech ATMs that basically make tellers unnecessary.
..Why?
They don't even pay newer salaried employees much in comparison to the seasoned vets. So they're saving money there too. My mother's a Branch Manager, been with the company 30 years and she says anyone that comes in now makes a third of what she does. Especially after the merger a while back.
..Why?
They don't even pay newer salaried employees much in comparison to the seasoned vets. So they're saving money there too. My mother's a Branch Manager, been with the company 30 years and she says anyone that comes in now makes a third of what she does. Especially after the merger a while back.
Corporate America is really desperate to make Trump's tax cut appealing to everyday Americans, isn't it? Jeez
The catch is you can't get hired without years of cash handling experience that you can't get anywhere else to get a job like this
I am amazed how people land these jobs
I am amazed how people land these jobs
Why would Chase paying more to its workers in SF "force" them to pay more to employees in Texas? This is a win for employees and I'm happy for them, sad to see people here dismiss this as unimportant. Its damn important to those people making more money.
Correct.
Because it's companywide. He was just mentioning that WF is based in SF, where the ordinance initially passed.
Because the increase for wells fargo was applied nationwide. I'm not sure if the bill was legislated to force it that way, or if it simply had such an impact on how wells fargo determined comp ratios and market rates for wages and employees that it made more sense for wells fargo to adopt the change in all branches, but the result is the same.
No, no you cant. Many a time before the new deal, or after reaganomics sure. But thats not spin, thats fact, shit sucked, and sucks.
Its not a narrative, and there is no way in hell Obama could have put a dent in this with the complete and absolute resistance he had every step of the way.
only recording people who have been actively looking for a job in the past 4 weeks is a bullshit statistics sleight of hand trick, and whatabouting Alt right bullshit isnt going to change that, unless you actually believe and can prove there has been some miraculous change in that in the last 3 years. Obama TRIED to raise the tax rate of the richest tax bracket up to a meager 40% (compared to the 70,80, 90 percent rates we had when the country was healthy) which WOULD have done something about this, and special interests went full propaganda apeshit.
The economy is only 'good' if the only thing you look at is the GDP and fake extremely short term unemployment numbers, which is a stupid way to look at things. We are in a sour economy, where the rich are richer than ever and making more profit than ever, and everyone else is fucked. We have done a horrible job of recovering from the recession, we are worse off than we were projected to be before the recession, and even THOSE numbers sucked.
But hey, dont argue with me, argue with the U.S. Bureau of Labor Statistics, unless thats alt-right deep state propaganda as well.
https://www.bls.gov/spotlight/2015/long-term-unemployment/
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Yup, on average 24% of industrial capital stock is idle.
They have been capable of increasing production by over 20% for years upon years without any need for further investing, and haven't done shit.
https://fred.stlouisfed.org/series/TCU
This is pure propaganda publicity stunt.
It's largely going to come from the Retail Apocalypse, so measures like this might even be a short-term response to that inevitable crash.
Market a tax break to normalize what it changes, and to prevent a looming recession that will eventually come anyway. Win/win for the top 1%.
I mean... It's more than a PR show at this point.
Trump is a cunt but so far this, in addition to taxing repatriated money, points to the tax cuts working as intended.
They just finished closing all but one (tiny) branch in my town, replacing them with ATM-only locations
The long overdue corporate tax reform was needed and the ridiculous amount of money held hostage overseas ensured there would be a large one-time impact from repatriation. Now try to justify the rest of the changes...
Also, Chase and other companies would be grossly mismanaged if they only made their workforce more competitive because they have a few extra dollars they don't know what to do with. It's believable for small or medium businesses, not companies that have virtually unlimited capital.
How much "trickle down" do you think will come from just white collar raises and bonuses?