JP Morgan Hires Ex-Jailbirds As Staffing Shortage Worsens

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by Tyler Durden
Saturday, Mar 12, 2022 - 11:00 PM

As JP Morgan and the other major Wall Street banks struggle to hire enough personnel, Insider reports that the banks are now turning to an unlikely place: the largest bank in the US has hired thousands of people with criminal records and hundreds with disabilities like autism, Brian Lamb, JPMorgan's global head of diversity, equity, and inclusion revealed during an interview on Thursday. In total, the bank employees more than 200K people around the world.

But right now, the company is "tapping into the talent pools that have historically been left behind," Lamb said. This includes people who have formerly been incarcerated, who typically have a more difficult time getting hired.

As we noted early last month, the US had 4.6 million job openings according to the latest data released in February. Looking at the details, job openings increased in several industries with largest increases in accommodation and food services (+133,000), information (+40,000), and nondurable goods manufacturing and state and local government education (+31,000 each). Job openings decreased in finance and insurance (-89,000) and in wholesale trade (-48,000).

The pandemic gave rise to what has been dubbed the Great Resignation. Millions of workers have quit their jobs for myriad reasons, including stagnant wages, inadequate flexibility, a desire to switch careers, and shifting childcare needs. McDonald's in particular has been hit hard, as the pandemic inspired a phenomenon called the 'Great Resignation', as more workers opted to arre

JP Morgan says it's pulling out all the stops to combat the labor shortage that's affecting many US businesses. That includes casting 'a wider net' and hiring people that have historically had difficulty finding employment.

Here's more from Lamb's interview:

Contending with the labor shortage — which has seen masses of Americans walk off the job and made it more difficult for employers to hire — "is going to require unconventional approaches," Lamb said. Job seekers no longer need to answer questions about their criminal backgrounds on the bank's initial applications, he said. 

The company is "tapping into the talent pools that have historically been left behind," Lamb said. Formerly incarcerated people often have a more difficult time getting hired.

Fortunately for JPM, there are plenty of experienced shoplifters and oh other ex-con's running around the Big Apple. But unfortunately,  they seem to already appreciate the work they're doing.