JPMorgan and Bank of America join the list of companies matching $1,000 contributions to employees' 'Trump accounts'

• JPMorgan and Bank of America will match the government's $1,000 to "Trump Accounts" for employees' kids.
• The banks each employ more than 160,000 employees in the US.
• "Trump accounts" are Treasury-funded accounts that give $1,000 to newborn Americans.

JPMorgan and Bank of America are among the latest financial firms to commit to contributing to "Trump Accounts" for the kids of US-based employees.

The banks announced on Wednesday that they will match the government's one-time $1,000 contribution to investment accounts for newborns, known as "Trump Accounts," for the children of their employees. Their announcements coincide with a "Trump Accounts Summit," where President Donald Trump and Treasury Secretary Scott Bessent are speaking.

For JPMorgan, the news comes just one week after the president sued the bank and its CEO, Jamie Dimon, for $5 billion over allegations of politically motivated debanking. A source familiar with the bank's move said that the firm has been planning the contributions since Trump Accounts were announced in June.

JPMorgan employs more than 190,000 people in the United States alone, Dimon said in a press release about the announcement.

"By matching this contribution, we're making it easier for them to start saving early, invest wisely, and plan for their family's financial future," he said in the release.

Bank of America shared the news in an internal memo, reviewed by Business Insider, to its 165,000 US employees. In addition to matching the contributions, the bank will allow "eligible teammates" with kids to make pretax contributions to the accounts via payroll deductions.

"We applaud that the federal government is providing innovative solutions for employees and families to plan for their future, and we welcome the opportunity to participate," the memo said.

The Wall Street players supporting 'Trump accounts'

The banks join a list of companies that have committed to matching their employees' $1,000 contributions to Trump Accounts for their children, including BlackRock and Charles Schwab. Goldman Sachs CEO David Solomon attended a White House roundtable in June and expressed support for the plan.

Through the program, the Treasury-funded accounts are available to every American citizen born between January 1, 2025, and December 31, 2028. Parents can contribute up to $5,000 a year, and the program will start on July 4, 2026. It's one of many initiatives Trump has touted during his second term to give Americans free money, some of which haven't come to fruition.

In December, Michael and Susan Dell partnered with the Trump Accounts initiative and committed to contributing $250 to the accounts of 25 million American children, totaling a $6.25 billion donation from their charitable fund. Children aged 10 and younger who were born before January 1, 2025, and live in a ZIP code with a median income of $150,000 or less are eligible for the money.

Billionaire Ray Dalio, the founder of Bridgewater Associates, also announced plans to donate $250 to about 300,000 children in Connecticut living in zip codes where the median family income is $150,000 or less.