JP Morgan will boost pay for 18,000 of its lower-tier employees over the next three years, its chief executive, James Dimon, said in an op-ed appearing on the New York Times website.

Dimon said the bank will raise minimum pay for affected employees to between $12 to $16.50 an hour, the level of increase depending on geography and "market factors". The bank's minimum salary for US employees is $10.15 an hour, he said.