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

JPMorgan Chase and Bank of America The companies will match the U.S. government’s one-time $1,000 contribution to child retirement savings accounts for eligible employees, it said Wednesday in separate announcements, the latest companies to announce such a measure.

The so-called “Trump Accounts” are part of a pilot program that deposits $1,000 from the US Treasury into a tax-free account for eligible children born in the US between January 1, 2025 and December 31, 2028.

The program, partly the brainchild of hedge fund manager Brad Gerstner, aims to help narrow the wealth gap in the United States by encouraging long-term saving and investing from birth. It has attracted commitments from a growing list of wealthy individuals, from billionaires like Michael and Susan Dell and Ray Dalio to rap artist Nicki Minaj.

“JPMorgan Chase has demonstrated a long-standing commitment to the financial health and well-being of all our employees and their families around the world, including more than 190,000 here in the United States,” CEO Jamie Dimon said in a statement. “By matching this contribution, we make it easier for them to start saving early, invest wisely, and plan for their family’s financial future.”

In a memo sent to employees on Wednesday, which was first reported by Reuters, Bank of America said it praised the government’s “innovative solutions” for employee savings.

Financial companies dominate the list of companies that match contributions to new accounts. In addition to JPMorgan and Bank of America, the two largest US banks by assets, BlackRock, BNY, Robinhood, SoFi and Charles Schwab, made similar announcements.