10/21/2019, 2:58 PM (Source: TeleTrader)
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JPMorgan to hire ex-convicts

JPMorgan Chase & Co. will relax its hiring requirements and provide the opportunity to people with criminal records to work at the company, the bank said on Monday in a press release. Transaction processing and account servicing positions will be available to potential employees with criminal backgrounds.

"Just having a criminal arrest or conviction history is a significant barrier to employment. The unemployment rate of those formerly incarcerated is nearly five times the national unemployment rate. Jamie [Dimon, JPMorgan CEO] believes, and we believe as a firm, that business has an important role to play in building a more inclusive economy," the President of the JPMorgan Chase Policy Center Heather Higginbottom told CNN and added that 10% of the company's hires in the previous year had a criminal record.

The bank claims that the unemployment rate among five million formerly incarcerated people in the United States is 27%, a large discordance compared to the 3.5% overall unemployment rate. The US loses between $78 billion and $87 billion in GDP per annum due to companies excluding persons with a criminal record when hiring, according to the study JPMorgan undertook.

Breaking the News / GA