Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

JPMorgan wants to hire also people with registered criminal record, not only bankers

JPMorgan wants to hire also people with registered criminal record, not only bankers

JPMorgan wants to give people with criminal records a second chance at a good job, as there is no evidence that they are less trustable then bankers anyway.

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, which said on Monday it wants 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 (JPM) CEO Jamie Dimon in a press release.

The bank said it wants to broaden its 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 last year.

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 said it will be working with community organizations that can help guide people in the process.
The bank said it will invest some $7 billion in community organizations in cities including Chicago, Detroit and Nashville to support people with a criminal past.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×