JPMorgan joins the list of companies matching $1,000 contributions to employee 'Trump accounts'
Fabrice COFFRINI / AFP via Getty Images
- JPMorgan said it will match the government's contribution to "Trump Accounts" for employees' kids.
- JPMorgan employs more than 190,000 people in the United States.
- "Trump accounts" are Treasury-funded accounts that give $1,000 to newborn Americans.
JPMorgan is the latest company to commit to contributing to "Trump Accounts" for the kids of its almost 200,000 US-based employees.
The bank announced on Wednesday that it will match the government's one-time $1,000 contribution to investment accounts for newborns, known as "Trump Accounts," for the children of its employees.
The announcement coincides with a "Trump Accounts Summit," where President Donald Trump and Treasury Secretary Scott Bessent are speaking. It also comes just one week after the president sued JPMorgan and its CEO, Jamie Dimon, for $5 billion over allegations of politically motivated debanking. A source familiar with the bank's plans said that the firm has been planning the contributions since Trump Accounts were announced in June.
Through the program, the Treasury-funded accounts are available to every American citizen born between January 1, 2025, and December 31, 2028. Parents can contribute up to $5,000 a year, and the program will start on July 4, 2026.
JPMorgan employs more than 190,000 people in the United States alone, Dimon said in a press release about the announcement.
"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," he said in the release.
Earlier this year, the bank gave eligible employees earning less than $80,000 a year a $1,000 grant, depositing the money into US workers' 401(k) accounts, according to the press release.
JPMorgan joins a list of companies that have committed to matching their employees' $1,000 contributions to Trump Accounts for their children, including BlackRock and Charles Schwab. Goldman Sachs CEO David Solomon attended a White House roundtable in June and expressed support for the plan.
In December, Michael and Susan Dell partnered with the Trump Accounts initiative and committed to contributing $250 to the accounts of 25 million American children, totaling a $6.25 billion donation from their charitable fund. Children aged 10 and younger who were born before January 1, 2025, and live in a ZIP code with a median income of $150,000 or less are eligible for the money.
Billionaire Ray Dalio, the founder of Bridgewater Associates, also announced plans to donate $250 to about 300,000 children in Connecticut living in zip codes where the median family income is $150,000 or less.