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.
“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.
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.
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.