JP Morgan Chase announced a “second chance hiring” program this week and is encouraging people with criminal backgrounds to apply for jobs.
What We Know:
- JP Morgan wants to broaden its pool of potential employees by providing jobs to those who have been convicted of low-level offenses. “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 JP Morgan CEO, Jamie Dimon in a press release.
- “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.
- Higginbottom advised that “Right now, we know that the economy works well for some people and it’s not working well for others. We think that business has a role to play in advancing some of the solutions to those problems”.
- In 2018, JP Morgan hired roughly 2,000 people who had previously been convicted of low-level crimes. The company asks no questions about criminal backgrounds on job applications to avoid disqualifying candidates who would otherwise be well-suited for employment.
- According to the press release announcing the center and the “second chance” hiring initiative, many of the new hires with criminal backgrounds work in entry-levels jobs such as transaction processing and lending and account services.
The bank plans to invest around $7 billion in community organizations in cities including Chicago, Detroit, and Nashville to support people with a criminal past.
