JPMorgan Chase CEO says bank it will raise minimum pay

NEW YORK (AP) - JPMorgan Chase says it will give raises to 18,000 tellers, customer service employees, and other workers over the next two years.

In an op-ed published Tuesday in the New York Times, JPMorgan Chase Chairman and CEO Jamie Dimon wrote that the bank will raise its minimum pay to a range of $12 to $16.50 an hour, depending on market and location factors.

Its current minimum pay is $10.15 an hour. Dimon also writes that the bank will invest more in training that helps workers get promoted to higher-paying positions.

The federal minimum wage has been $7.25 an hour since 2009, but since early 2015, major U.S. companies including Wal-Mart, Target and McDonald's have announced pay increases for at least some of their employees.