Recently, J.P Morgan’s spokesperson made an announcement that the Company will provide second chance to people who have criminal records. Though the present government of the United States boasts that the company has lowest unemployment rate in near about 50 years it is not in case of people who were convicted of several crimes in the past.
While speaking to the press Jamie Dimon made it clear that the firm needs to broaden the pool of employees. In the meantime, J.P Morgan has started to hire people with series of conviction for several entry level jobs like account servicing and transaction processing. America loses around $87 billion GDP on an annual basis as it excludes peoplewho have criminal records. Moreover, studies also reveal that when they get proper opportunity and education then it also reduces recidivism at a large amount.
Janie Dimon further stated that as a firm J.P Morgan believes that business organizations basically play a vital role in increasing the economy of the country. In case of hiring process Federal Deposit Insurance Corporation regulates financial institutions. Last year the agency had made a few of its rules and regulations lenient.
For now J.P Morgan excluded the box in which applicants are questioned whether they were convicted because of some criminal activity in the past or not. There are numerous employers who require providing a disclosure regarding prior convictions which eventually creates entry barrier in the market. Due to this the rate of unemployment is very high for US citizens with records in comparison to those who are without.
While conversing to the press Higginbottom stated that record which is legal for pardon should matter much for a person who is applying for the job. Higginbottom furthermore stated that back in the year 2018, 1% people which the firm hired had one or other criminal record; these crimes had a wide rangefrom possession of drug to DUI charges.