JPMorgan Chase, Bank of America and Wells Fargo said they will match the U.S. government's $1,000 "Trump Account" contributions for eligible employees with children born between the beginning of last year and the end of 2028.
Bank of America said it will also enable eligible staffers with children under the age of 18 to make pretax contributions to Trump accounts
President Donald Trump introduced the accounts as part of his One Big Beautiful Bill Act, offering $1,000 to children born between the start of 2025 and the end of 2028 which can then be put into individual retirement accounts. The accounts are expected to be invested in U.S. stock index funds and locked up until the child turns 18.
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Firms including Chime Financial and BlackRock are among the other companies that have also promised to match the government's Trump Account contributions.
JPMorgan "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," Chief Executive Officer Jamie Dimon said in a statement.
Dimon's company this year also granted a special award of $1,000 to eligible employees globally earning less than $80,000 in total annual cash compensation, which was deposited into 401(k) accounts.
