Due to lack of manpower, US banks are hiring ex-offenders

The labor shortage in the United States is increasing the urgency of filling vacancies, and some large U.S. banks say those with criminal records should be part of the solution.

The banking policy firm, which considers JPMorgan Chase and Bank of America as its members, plans to force the US Congress to ease restrictions on hiring.

“The demand for talent is very high in all industries across the overall workforce, and it is a team of talented individuals who can contribute,” said Michelle Kuranty, Managing Director of Talent Acquisition at JP Morgan. .

JP Morgan hired 2,100 people last year with a U.S. criminal record, 10% of the new hires. CEO Jamie Dimon is the co-chair of the Second Opportunity Business Alliance, a group of large companies committed to expanding opportunities for these individuals. Bank of America, MasterCard and Visa are also members.

The financial sector, like other sectors in the United States, is facing labor shortages. The resignation rate – the number of people who leave the job voluntarily in a month as a percentage of total employment – rose to a record 2.9% in August, and 10.4 million jobs are close to the July record.

Hiring more workers with criminal records can address these important points, while helping banks achieve their environmental, social and administrative goals or ESG.