JPMorgan Chase on Tuesday announced plans to give pay raises to 22,000 US employees who work in its branches and customer-service centers as part of a $20 billion investment in the business that the firm said was connected to its tax windfall.

These employees will see hourly wages increase to between $15 and $18, up from $12 to $16.50, the company said in a statement. The pay bump, which varies depending on the cost of living, is set to take effect in more than 100 US cities on February 25.

As part of the $20 billion, five-year investment, JPMorgan says it will also open 400 new branches, hire 4,000 new employees, increase lending efforts, and ramp up philanthropic giving.

"Having a healthy, strong company allows us to make these long-term, sustainable investments," CEO Jamie Dimon said in a statement. "We are excited about further investing in our outstanding workforce and expanding into new US markets. When we enter a community, we enter it with the full force of JPMorgan Chase behind it. We hire people. We lend to and support local businesses."

Read more in Business Insider.