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JPMorgan Chase and Bank of America to match $1,000 U.S. contributions to employee ‘Trump accounts’
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks at the US Chamber of Commerce in Washington, Jan. 15, 2026.
Luke Johnson | Bloomberg | Getty Images
JPMorgan Chase, Bank of America and Wells Fargo said Wednesday in separate releases that the firms will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees, the latest corporations to announce such a measure.
The so-called Trump accounts are part of a pilot program that deposits $1,000 from the U.S. Treasury into tax-advantaged accounts for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.
The program, partly the brainchild of hedge fund manager Brad Gerstner, aims to help narrow the U.S. wealth gap by encouraging long-term saving and investing from birth. It has attracted commitments from a growing list of wealthy individuals, from billionaires such as Michael and Susan Dell and Ray Dalio to rap artist Nicki Minaj.
“JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world, including more than 190,000 here in the United States,” CEO Jamie Dimon said in a release. “By matching this contribution, we’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future.”
In a memo sent to employees Wednesday first reported by Reuters, Bank of America said it applauded the government’s “innovative solutions” for employee savings. Wells Fargo sent its own internal memo later that same day, a copy of which was shared with CNBC.
Financial firms dominate the list of companies that are matching contributions for the new accounts. Besides JPMorgan and Bank of America, the two largest U.S. banks by assets, BlackRock, BNY, Robinhood, SoFi and Charles Schwab have made similar announcements.
The Reserve Bank of India (RBI) on Monday decided against activating the countercyclical capital buffer (CCyB), indicating that current financial and credit conditions do not warrant an additional capital requirement for banks, PTI reported.The central bank said the decision followed a review and empirical assessment of indicators used under the CCyB framework.“Based on review and empirical analysis of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time,” RBI said in a statement.Under the RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025, the CCyB framework is activated when financial conditions indicate rising systemic risks linked to excessive credit growth.The framework primarily relies on the credit-to-GDP gap as a key indicator, along with supplementary metrics.According to the RBI, the CCyB mechanism is intended to serve two broad objectives.Firstly, it requires a bank to build up a buffer of capital in good times, which may be used to maintain the flow of credit to the real sector in difficult times.Secondly, it achieves the broader macro-prudential goal of restricting the banking sector from indiscriminate lending in the periods of excess credit growth that have often been associated with the building up of system-wide risk.The framework was introduced globally after the 2008 financial crisis as part of measures proposed by the Group of Central Bank Governors and Heads of Supervision (GHOS) under the Basel framework to strengthen financial system resilience.
The company has announced plans to build seven new models in Europe including a small electric hatchback.
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“Today’s policymaking is constrained by a more volatile external environment with more frequent and overlapping shocks, a rising public interest bill, in part reflecting market concerns with countries’ elevated debt, and the long-standing challenge of weak productivity growth,” he said.
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