JPMorgan Chase and Bank of America to match $1,000 U.S. contributions to employee 'Trump accounts'

JPMorgan Chase and Bank of America said Wednesday successful abstracted announcements that the firms volition lucifer the U.S. government's one-time $1,000 publication to children's status savings accounts for eligible employees, the latest fiscal companies to denote specified a measure.

The alleged "Trump accounts" are portion of a aviator programme that deposits $1,000 from the U.S. Treasury into a tax-advantaged relationship for eligible children calved successful the U.S. betwixt Jan. 1, 2025, and Dec. 31, 2028.

The program, partially the brainchild of hedge money manager Brad Gerstner, aims to assistance constrictive the U.S. wealthiness spread by encouraging semipermanent redeeming and investing from birth. It has attracted commitments from a increasing database of affluent individuals, from billionaires including Michael and Susan Dell and Ray Dalio to rap creator Nicki Minaj.

"JPMorgan Chase has demonstrated a semipermanent committedness to the fiscal wellness and well-being of each of our employees and their families astir the world, including much than 190,000 present successful the United States," CEO Jamie Dimon said successful a release. "By matching this contribution, we're making it easier for them to commencement redeeming early, put wisely, and program for their family's fiscal future."

Financial firms predominate the database of companies that are matching contributions for the caller accounts. Besides JPMorgan and Bank of America, the 2 largest U.S. banks by assets, BlackRock, BNY, Robinhood, SoFi and Charles Schwab person made akin announcements.