JPMorgan Chase offered customers some financial advice. It didn’t go well.
JPMorgan Chase, the country’s largest bank, attempted to offer its financially-strapped customers some advice Monday. It quickly backfired.
If their balances are low, the bank suggested customers “make coffee at home” or “eat the food that’s already in the fridge.”
JPMorgan Chase’s brief attempt at levity turned into a social media misadventure with some of the banking industry’s biggest critics, including presidential candidate Sen. Elizabeth Warren, D-Mass., denouncing the tweet and some asking Jamie Dimon, the bank’s chief executive, to apologize.
.@Chase: why aren’t customers saving money?
Taxpayers: we lost our jobs/homes/savings but gave you a $25b bailout
Workers: employers don’t pay living wages
Economists: rising costs + stagnant wages = 0 savings
Chase: guess we’ll never know
— Elizabeth Warren (@SenWarren) April 29, 2019
“Hey Chase, try paying your workers more. Families aren’t spending frivolously; they’re trying to pay rent,” Rep. Katie Porter, a freshman Democrat from California, fired back on Twitter. Dimon should apologize but “if this tweet does reflect Mr. Dimon’s views, an apology won’t cut it. Might be a #TimetoRetireThursday,” Porter said.
Warren, who is running for president, noted in a tweet that JPMorgan had received a $25 billion taxpayer bailout during the global financial crisis. “Chase: Why aren’t customers saving money?” Warren’s tweet said. “Everyone: seriously?”
Hey @Chase why’d you delete this tweet shaming people for drinking coffee?
Is it b/c it’s shameless enough you steal $2B a year in ATM & overdraft fees from lower income earners?
Or is it b/c you don’t pay a living wage to your tellers while your CEO makes $31M/year?
Do tell🤔 pic.twitter.com/D7NOYY0SAc
— Qasim Rashid, Esq. (@QasimRashid) April 29, 2019
JPMorgan Chase, which deleted the tweet after less than three hours, declined to comment. The tweet was sent from the account of the bank’s consumer bank, which has more than 365,000 followers on Twitter.
“Our #MondayMotivation is to get better at #MondayMotivation tweets. Thanks for the feedback Twitter world,” the bank said on Twitter.
— Chase (@Chase) April 29, 2019
This follows an awkward exchange between Dimon and Porter during a House hearing earlier this month. Porter had questioned how a mother with one child could survive on the bank’s minimum wage — $16.50 an hour — after calculating the cost of child care and other expenses. Such a full-time employee would end every month more than $500 “in the red,” she said.
“How should she manage this budget shortfall while she is working full time at your bank?” Porter asked.
“I don’t know, I would have to think about that,” Dimon responded at the time.
And while Chase is out here tweeting about financial responsibility, Rep. Katie Porter stumped Jamie Dimon a few weeks ago when she asked him how a Chase bank teller could make ends meet.https://t.co/s2H7LVPk1Y
— Matt Fuller (@MEPFuller) April 29, 2019
The exchange was viewed more than a million times online, putting Dimon and the bank, which reported a profit of $32 billion last year, at the center of a growing national debate about whether enough corporate wealth is being passed along to employees. Banks such as JPMorgan Chase that received billions in taxpayer bailouts should be doing more to help the public, critics say.
Dimon later defended the bank’s wages to reporters earlier this month. “We take very good care of our entry-level jobs: $35,000 to $37,000 per year, medical, retirement,” he said.