After Chase Manhattan Bank announced in January it no longer would match charitable donations by retirees because of its merger with J.P. Morgan, the merged bank has decided to keep the program, The Wall Street Journal reported April 13.
Michael Feller, senior vice president at Chase, said in a Jan. 16 letter that the program, which matched $10,000 a year per retirees, could not be continued because of the need to keep cost hikes “within reasonable bounds.”
But after retirees protested, William Harrison, president and chief executive of J.P. Morgan Chase second letter reinstating the program.
“There are other, equally important considerations when making a policy change, not least the impact on the J.P. Morgan Chase retiree community and the Matching Gift Program’s enhancement of your charitable giving options,” he wrote.
The bank will match gifts of $10,000 this year, but will c ap contributions at $5,000 next year and at $2,000 in 2003.