JPMorgan unveiled a $20 billion investment plan to hike wages, hire more, open branches and expand its business. The bank is taking advantage of sweeping changes to the US tax law and a more favorable regulatory environment.
           
It joined several other US companies that have already announced spending plans after the federal tax overhaul was signed into law in December.

The new law brings lower corporate rates and other changes.
           
In the most explicit use of tax savings announced by any major bank, JPMorgan said it would raise wages for 22,000 employees by an average of 10%, to between $15 and $18 per hour, hire 4,000 employees and add up to 400 Chase branches.
           
The five-year plan comes after Chief Executive Jamie Dimon's push to ramp up investment in businesses as the bank has finished the majority of work needed to clean up troubled home mortgages and comply with tougher capital requirements following the 2007-2009 financial crisis.
           
The largest US bank by assets will also increase small business lending by $4 billion and increase loans to customers seeking affordable homes by 25% to $50 billion.
           
Analysts expect JPMorgan to save about $4 billion a year on taxes because of the new law, but have worried that banks would quickly compete away the savings to take business from one another.
           
Dimon has acknowledged some of that will happen, but to varying degrees and at different rates in the bank's assorted business lines.
                         
The bank will also increase community-based philanthropic investments by 40% to $1.75 billion over five years, it said.
           
JPMorgan employed 252,539 people worldwide at year-end, some 134,117 of which work in Chase consumer businesses which includethe branch, small business and mortgage operations that are the focus of the new spending and hiring.
           
JPMorgan stock has risen nearly 37% in the past 12 months, outperformingthe S&P 500 index's 25% increase.