By the numbers

NEW YORK — JPMorgan Chase & Co. announced Tuesday that it will boost wages, open new branches and hire thousands of new workers, citing improved economic performance and sweeping changes to the U.S. tax code.

Wages will rise to between $15 and $18 an hour from a range of $12 to $16.50 an hour, affecting 22,000 employees, the bank said. Globally, Chase employs about 240,000.

Chase will also open 400 new branches and hire 4,000 people in its new U.S. markets, housing and small business divisions. Loans to customers seeking "affordable" homes will employees to receive raises

employed by Chase globally

new branches to be opened

rise by 25 percent to $50 billion, and the bank will boost philanthropy by 40 percent, to $1.75 billion over the next five years.

The bank's new minimum wage will vary based on the cost of living in the cities where the bank has operations. In Ohio, the minimum wage will go from $12 per hour to $15.

Nearly 1,300 employees working in Ohio will benefit from the boost, including more than 800 of whom work for Chase in central Ohio. Chase is central Ohio's largest private employer with about 20,000 workers.

The bank also said, as an additional benefit to existing employees, it will reduce medical plan deductibles by $750 per year for employees making less than $60,000.

While Chase is the nation's largest bank by deposits and assets, its branch network is only found in 23 states and it does not serve large markets such as Washington, D.C., or Boston. A major branch expansion will likely include going into these markets.