JPMorgan Chase CEO Jamie Dimon speaks at the U.S. Chamber of Commerce in Washington on January 15, 2026.
Luke Johnson | Bloomberg | Getty Images
JPMorgan Chase & Co. and Bank of America announced in separate announcements Wednesday that they would match the U.S. government’s one-time $1,000 contribution to the children’s retirement savings accounts of eligible employees, the latest companies to do so.
The so-called “Trump Account” is part of a pilot program that will deposit $1,000 from the U.S. Treasury into tax-advantaged accounts for eligible children born in the United States between January 1, 2025 and December 31, 2028.
The program, the brainchild of hedge fund manager Brad Gerstner, aims to reduce wealth inequality in the United States by encouraging long-term savings and investments from birth. It has attracted commitments from a growing number of wealthy individuals, from billionaires like Michael and Susan Dell and Ray Dalio to rap artist Nicki Minaj.
“JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all of its employees and their families around the world, including more than 190,000 people here in the United States,” CEO Jamie Dimon said in a release. “Matching this gift will make it easier for them to start saving early, invest wisely and plan for their families’ financial future.”
In a memo sent to employees on Wednesday, first reported by Reuters, Bank of America said it praised the government’s “innovative solutions” to employee savings.
Financial companies dominate the list of companies matching contributions to new accounts. In addition to JPMorgan and Bank of America, the two largest U.S. banks by assets, BlackRock, BNY, Robinhood, SoFi, and Charles Schwab, have made similar announcements.
