JPMorgan wants to hire people with criminal background
The bank said it wants to expand its pool of potential employees after already hiring some people with a conviction on entry level jobs, such as transaction processing and account services.
"Jamie [Dimon] believes, and we believe as a company, that business has an important role to play in building a more inclusive economy," said Heather Higginbottom, president of the recently launched JPMorgan Chase PolicyCenter, to CNN Business.
Financial institutions are regulated by the Federal Deposit Insurance Corporation as far as hiring goes. The agency began to relax the rules last year.
JPMorgan has now "banned the box" asking potential employees if they have a criminal record.
Barriers to entry
However, many employers still require disclosure of previous convictions, and this constitutes a barrier to entry into the labor market for people with a criminal background.
A record that is eligible for pardon or for expulsion should not matter to a job seeker, Higginbottom said.
But if you robbed a bank, chances are you still won't be hired by JPMorgan.
"We are not lowering our employment standards," Higginbottom said.
Last year, 1[ads1]0% of her employment – 2,100 people – had some kind of criminal record, she added. Crimes ranged from disordered behavior to personal drug paraphernalia and DUI charges.
JPMorgan said it will work with community organizations to help people in the process.
The bank said it would invest around $ 7 billion in community organizations in cities. including Chicago, Detroit and Nashville to support people with a criminal past.
