JP Morgan Chase grilled for not paying living wage...and bad life choices

blakbearddelite

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Basically, she's saying that Chase's lower level positions don't pay enough for a single mother to live on in one of the most expensive areas in the US.

Should Chase pay people based on their financial situation or what the market says that person is worth?

https://www.cnn.com/2019/04/10/politics/katie-porter-jamie-dimon-bank-employees/index.html

Washington (CNN)Freshman Rep. Katie Porter stumped multimillionaire JPMorgan Chase CEO Jamie Dimon during a hearing Wednesday with a simple question: How are workers supposed to make ends meet?

The back-and-forth occurred during a House Financial Services Committee hearing featuring the CEOs of several major banks on Wednesday. Porter, a California Democrat, shared the story of a JPMorgan Chase employee -- making a fraction of what the company's top executives are paid -- who is running a $567 deficit each month because her salary is insufficient to cover basic expenses.

"How should she manage this budget shortfall while she's working full-time at your bank?" Porter asked Dimon.

"I don't know that all your numbers are accurate, that number is generally a starter job --" he said.

"She is a starting employee, she has a 6-year-old child, this is her first job," Porter said.
"You can get those jobs out of high school, and she may have my job one day," Dimon replied.
"She may, but Mr. Dimon, she doesn't have the ability right now to spend your $31 million," Porter said, referring to Dimon's 2018 pay package.
"I'm wholly sympathetic," Dimon replied.
"She's short $567, what would you suggest she do?" Porter pressed.
"I don't know, I'd have to think about that," he said.
"Would you recommend that she take out a JP Morgan Case credit card and run a deficit?" Porter asked.

Dimon repeated, "I don't know, I'd have to think about it."
"Would you recommend that she overdraft at your bank and be charged overdraft fees?" Porter asked.

"I don't know I'd have to think about it," Dimon said a third time, adding, "I'd love to call up and have a conversation about her financial affairs and see if we could be helpful."
"(To) see if you could find a way for her to live on less than the minimum that I've described?" Porter asked.

"Just (to) be helpful," Dimon replied.

"Well, I appreciate your desire to be helpful, but what I'd like you to do is provide a way for families to make ends meet," Porter said.

After the hearing, Porter tweeted a picture of a white board showing her calculations behind the numbers she referenced during the hearing.

"During my questioning, @jpmorgan CEO Jamie Dimon said he didn't know if all my numbers were accurate," she tweeted. "Here's the math so he can check."
 
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blakbearddelite

blakbearddelite

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This woman can't even math, $16.50 x 40 x 52 is not $35k.

The single mom is spending 66% of her monthly wages on housing. The recommended amount is less than 36%. It's time to move!

 

1quick

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I would suggest she find a cheaper place to rent, or find a job that pays well enough to live in that house, I can’t afford a 5000 dollar a month house payment so I don’t make one, common sense I would think
 
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blakbearddelite

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Also, where in there is child support or alimony? Is the father a dead beat? Should Chase pay all single mothers more because some may have dead beat ex-husbands?
 

CMNTMXR57

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I'm not defending Chase or the CEO, but when is it an employers responsibility to make sure that they pay the employees enough so that they can live within their means??

I mean, I get sick of hearing these people complain that they can't make ends meet as they whip out a new iPhoneX to get you on video...
 

CMNTMXR57

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And maybe she should go on a diet. It might cut down some of that food bill. Get a second job? Maybe get a cheaper car?
 

CMNTMXR57

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This woman can't even math, $16.50 x 40 x 52 is not $35k.

The single mom is spending 66% of her monthly wages on housing. The recommended amount is less than 36%. It's time to move!

If I were Chase after seeing that, I would question everything she does. :D
 

guspech750

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I'm not defending Chase or the CEO, but when is it an employers responsibility to make sure that they pay the employees enough so that they can live within their means??

I mean, I get sick of hearing these people complain that they can't make ends meet as they whip out a new iPhoneX to get you on video...


I agree to a certain extent. An employer has some responsibility to provide a good wage for their employees in what ever area they live and work in. We can’t just keep saying to people that they have to move. There would be no people left. So yes. If an employer what’s to set up Shop in in an area that is more expensive to live in. That employer has a responsibility to provide reasonable wages so their employees can both work and live.

Of course there are gray areas to that such as burger flippers, oil changers, bottom of the barrel entry level positions.
 

radioguy6

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Does that say Irvine? So southern California? Pretty expensive place to live, she could most likely find cheaper housing and child care by moving. And probably transfer to another Chase branch, but lets blame the evil white male CEO instead.
 

Intel

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I'm not defending Chase or the CEO, but when is it an employers responsibility to make sure that they pay the employees enough so that they can live within their means??

I mean, I get sick of hearing these people complain that they can't make ends meet as they whip out a new iPhoneX to get you on video...
I think the main point that is being pointed out is that general wages have not increased in like the past 50 years compared to average costs for housing, cars, etc which have all gone up quite a lot.

I don't disagree that people need to live within their means but those means are also getting harder and harder to meet due to mostly stagnant wages in the middle class.

Go on a diet.. really?

https://www.cheatsheet.com/money-career/wages-havent-increased-50-years.html/
 

Ryan02Stang

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Supply and demand. If Chase is paying $35k and those jobs are getting done effectively, why would they change anything?

If you are mad about making $35k, go make yourself more valuable and get a higher paying job. If you can't get a higher paying job....maybe you're only worth $35k a year? If you're only worth $35k a year and you don't like not having any money, move to a place with a lower cost of living. No one is entitled to a salary. No one is entitled to live in a certain area.
 

CMNTMXR57

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I agree to a certain extent. An employer has some responsibility to provide a good wage for their employees in what ever area they live and work in. We can’t just keep saying to people that they have to move. There would be no people left. So yes. If an employer what’s to set up Shop in in an area that is more expensive to live in. That employer has a responsibility to provide reasonable wages so their employees can both work and live.

Of course there are gray areas to that such as burger flippers, oil changers, bottom of the barrel entry level positions.
Does that say Irvine? So southern California? Pretty expensive place to live, she could most likely find cheaper housing and child care by moving. And probably transfer to another Chase branch, but lets blame the evil white male CEO instead.
No one held a gun to her head and told her to accept the job offer with Chase! Normally as I job hunt, I know what range of pay I need to be in based on my expense structure. I would like to think most of you do the same.

With that said;
1) She could have negotiated better.
2) She could have applied to a higher paying role.
2) Kept looking for another job that possibly paid more. It is the L.A. area, I'm sure that there are other banks/jobs/etc that are looking to hire.

On the expense side;
1) She could have looked for cheaper housing. I mean, it is the L.A. area. It's not like it's hard to find something. Granted you have to balance safety and security with cost, but still as Mint layed out several places in the $400 - $1,100 range.
2) She could reassess her vehicle situation
3) She could reassess her food situation
4) She could reassess her "afterschool childcare"

I've hired employees here and I have a set amount I'm allowed to be offering up to those (potential) employees. If one of them came back to me and complained that it wasn't enough to survive, I'd tell them "that isn't my fucking problem!"
 
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blakbearddelite

blakbearddelite

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I feel like they're cherry picking the worst case scenario someone could have to say that Chase isn't paying enough. What % of workers are single mothers that don't receive any support from their ex-partners? Is that maybe 5% of the work force? So Chase should pay more because 5% of their employees are having problems making ends meet because of their unique situations?

What I'm not doing is defending CEO's getting paid $31M a year. I'm not saying I'm against it, but I do wonder what those people bring to the table that is worth that kind of money.
 
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blakbearddelite

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I can't tell if you're defending her or not. It looks like a search for apartments between $400 and $1k, with only three results. I get it, there isn't a large supply which is why she's paying so much.

These are things you have to consider when you put those adult pants on.
 

sickmint79

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I can't tell if you're defending her or not. It looks like a search for apartments between $400 and $1k, with only three results. I get it, there isn't a large supply which is why she's paying so much.

These are things you have to consider when you put those adult pants on.
i'm pointing out this there are apartments within the commuting distance which work even with the math offered up to not run debt up each month
 

Stink Star Productions

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Seriously I had a 3 bedroom townhome in Crystal lake (terrible property tax) and the mortgage with escrow for taxes, insurance, and PMI was under $1000/mo. And I put the minimum down I possibly could... plus i owned it and made $30,000+ on it when I sold it 3 years later. Clearly the housing is too expensive for this woman
 

MrDragster1970

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I'm not defending Chase or the CEO, but when is it an employers responsibility
to make sure that they pay the employees enough so that they can live within their means??

I mean, I get sick of hearing these people complain that they can't make ends meet as they whip out a new iPhoneX to get you on video...
I can't see the story, but taking from what you wrote my answer is never!!!
An employer offers a job and a wage.
If you take it and can't live off the wage, you're 100% at fault.
Shut up and commute, or find a job if you are qualified for any that pays more.
If you aren't qualified to make the wage you need, obviously you are an idiot for getting in over your head!!


.
 

CMNTMXR57

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Yup. That's it.

Can you not see the pic? It explains it all. It also explains that she stinks at math, which may be the bigger problem, NOT Chase's. Well, I guess it is Chase's problem if she's doing anything financial for them. :D

 

Ti28

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I think the main point that is being pointed out is that general wages have not increased in like the past 50 years compared to average costs for housing, cars, etc which have all gone up quite a lot.

I don't disagree that people need to live within their means but those means are also getting harder and harder to meet due to mostly stagnant wages in the middle class.
I agree with this.....

$4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today. $23.86 isn't really a whole lot. And in 73, a Vett was $5,500, today that same Vett is $75000

4.03x40x52=8,382

23.86x40x52=49,628

Wages went up 5.9 times. Car went up 13.6 times......
 

Mr_Roboto

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I would have brought up that I wasn't responsible for the price of housing in California the government is
 

MrDragster1970

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.


I agree with wages have not increased with what stuff cost.
My line item amounts were the highest on 11 Sep 01 and have not been even close since :(
After 9/11 all the cable companies shut down completely.
Repairs only, no maintenance, no added services, nothing.
When they did start spending again, it was ~25-35% of the price where I had contracts.
It has been going up since then, but still not at the 11 Sep 01 scale :(

Now I did go to the Hurricane project in Nov. and made over $9000 in 10 days which was close to what we used to make, but as soon as that ended, it was back to the crap scale :(
Gas is much higher, insurance is much higher, equipment is much higher, meter was $3000 then, it's $8000 now :( and so on.
That is not my customers fault, they offered work, most of us didn't take it, but enough did and now prices suck and will forever :(
Obviously I retired more because of what happened to my wife & children, but the crap prices made it an easier decision.

I unretired, and have a ton of work offered daily. Prices suck, but I'm out, off my fat lazy ass, making a few bucks to add to my next retirement and I actually enjoy being a hard working contributing member of society again, unlike fat lazy POS liberal welfare whores & leeches that think they are entitled to sit on their ass and just steal money from some sucker that is out busting his ass every day!!!!

AGAIN, it is not anyones responsibility to make sure you get a living wage but you!!!
A burger flipper at McDonalds has no business demanding more than minimum wage!!
He does not deserve enough to own a home, own a new car, have a stay at home wife, with 4 children etc etc.
This lady should not spend that much on housing.
She's way too fat, more money wasted that shouldn't be.
Payments on a 11 year old car???
Don't need a cell phone-cable-internet if she does.
Where the kids father?? Dead, deadbeat, unknown??
Or is those hundreds/thousands?? a month not included, if not receiving, WHY??

.
 

b00sted

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"She is a starting employee, she has a 6-year-old child, this is her first job," Porter said.
Why is this the Chase CEO's fault? How much should she be making as a person with no work experience and no marketable skills?
 

98GrandPrixIraqVet

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Let me sum up this thread.

A. Lady cant do math.
B. works for a bank.
C. Complains her bills are too high.

I think it all goes back to A. :rofl:

Edit. Wait I didnt factor in CA.

In that case there is only 1 right answer.

MOVE!!!!
 

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