JPMorgan Wants to Hire People With Criminal Backgrounds
NEW YORK — JPMorgan wants to give people with criminal records a second chance at a good job.
The United States is boasting its lowest unemployment rate in nearly 50 years, but that doesn’t hold true for people with prior convictions. Enter the largest bank in the country. JPMorgan officials said on Monday, Oct. 21 they want to level the playing field.
“When someone cannot get their foot in the door to compete for a job, it is bad for business and bad for communities that need access to economic opportunity,” said JPMorgan CEO Jamie Dimon in a press release.
Company leaders want to broaden the pool of potential employees after already hiring some people with a conviction on their record for entry-level jobs, like transaction processing and account servicing.
The United States loses between $78 billion and $87 billion in annual GDP by excluding people who have a criminal record from the workforce, according to the bank. Studies also show that providing education and opportunities also reduces recidivism.
“Jamie [Dimon] believes, and we believe as a firm, that business has an important role to play in building a more inclusive economy,” Heather Higginbottom, president of the newly launched JPMorgan Chase PolicyCenter, told CNN Business.
Financial institutions are regulated by the Federal Deposit Insurance Corporation as far as hiring goes. The agency began relaxing the rules in 2018.
JPMorgan has now “banned the box” that asks prospective employees whether they have a criminal record.
Barriers to entry
But there are still plenty of employers requiring the disclosure of prior convictions, and that poses a barrier to entry to the job market for people with a criminal background.
Because of that, the unemployment rate is much higher for Americans with records than for those without. In fact, it’s an estimated 27% for the roughly five million formerly incarcerated people in the country, according to JPMorgan. That is compared with 3.5% for the United States as a whole.
A record that is eligible for pardon or to get expunged shouldn’t matter for a job applicant, Higginbottom said.
But if you robbed a bank, chances are you’re still not getting hired by JPMorgan.
“We’re not lowering our hiring standards,” Higginbottom said.
Last year, 10% of its hires — 2,100 people — had some sort of criminal record, she added. Crimes ranged from disorderly conduct to personal drug possessions and DUI charges.
Getting a record expunged can be confusing and the process differs from state to state, Higginbottom said. A study done in Michigan showed that only 6.5% of people eligible for a clean slate actually go through the process of expunging their records. Pennsylvania, Utah, and California have passed laws to automate the process. A handful of other states are moving to do the same.
JPMorgan officials said they would be working with community organizations that can help guide people in the process.
Company leaders said they would invest some $7 billion in community organizations in cities including Chicago, Detroit, and Nashville to support people with a criminal past.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Join our affiliate program and earn extra money by sharing with friends and family or by posting on your social media.
Order by Phone at 888-809-8385 or online at www.mitocopper.com
Get our Free Ebook, "Suppressed Health Secrets" with Natural Cures THEY don't want you to know!
APeX - Far superior to colloidal silver! Destroys Viruses, Bacteria, Pathogens with Oxygen plus Silver!
Supreme Fulvic - Nature's most important supplement! Vivid Dreams again!
Ultimate Curcumin - Natural pain relief, reduce inflammation and so much more.
pathogens and gives you more
energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Organic Hemp Extract (CBD) - Full Spectrum high CBD (3300mg) hemp extract eases stiff joints, relieves stress and more!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video)
FINAL WARNING! Diseases are EXPLODING! Watch this Video about APeX and You'll THROW AWAY Your Colloidal Silver! APeX destroys Viruses, Bacteria and other Pathogens with the power of Oxygen PLUS Silver! Nobody else has a product like THIS! See why the inventor hasn't been sick in 16 years and why you'll never hear about it on the FAKE NEWS! Get some now and tell your friends about it too so we can reach more people!