JPMorgan Chase to match $1,000 contribution to ‘Trump accounts’

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.