JPMorgan Chase is the largest of America’s “Big Four” banks, a group that also includes Bank of America, Citigroup, and Wells Fargo. It is the largest bank in the United States and the sixth largest bank worldwide. Regarding market value, JPMorgan Chase is the most valuable banking enterprise in the world. Its services range from basic consumer banking to investment banking to custodial banking services for other financial institutions.
If you are seeking a job with the JPMorgan Chase brand, you may be curious about what you should expect from the company’s employment screening process. Background checks with JPMorgan Chase are standard for all new employees. The company focuses on fingerprint-based criminal record searches, credit history checks, and
. Some sources also indicate that JPMorgan Chase verifies the contents of a candidate’s resume, including education and work history.
Most of JPMorgan Chase’s background check policies are not dictated by the company itself but rather by rules from the Financial Industry Regulatory Authority (FINRA). FINRA members—including banking organizations—are required to fingerprint employees in search of criminal offenses. FINRA also demands that banks and other member organizations determine whether candidates are subject to sanctions from financial regulators or other “non-criminal” matters that might disqualify them from employment.
FINRA members are required to look at arrests and indictments—privileges often denied to employerss—to learn whether a candidate was ever accused of or investigated for financial-related crimes. Such offenses may include fraud, forgery, counterfeiting, bribery, extortion, and other crimes related to securities, insurance, real estate, or banking.
In 2017, FINRA fined JPMorgan Chase $1.25 million for lapses in background checks and employee record maintenance. Following the fine, JPMorgan Chase tweaked its screening guidelines to ensure FINRA compliance. Candidates applying for jobs with the company should expect extra diligence throughout background checks processes from JPMorgan Chase.
Because of these factors, candidates with criminal histories are less likely to be considered “hirable” by JPMorgan Chase than they would be by most other employers. FINRA regulations limit the ability of banks and financial organizations to hire felons and individuals with other criminal backgrounds. That’s not to say that JPMorgan Chase is unwilling to hire anyone with a trace of criminal history. Rather, it’s an indication of banking overall being a tough industry for ex-offenders.
In 2018, in a letter to shareholders, JPMorgan Chase CEO Jamie Dimon wrote about the company’s growing “responsibility to recruit, hire, retain, and train” ex-convicts. Dimon noted that the key to reducing recidivism was helping citizens re-integrate into society after being released from prison. He also stated that JPMorgan Chase had “welcomed the Federal Deposit Insurance Corporation’s proposed changes to allow banks more flexibility” in hiring ex-offenders.
These words could predict a future in which background checks from JPMorgan Chase still leave the company open to hiring felons and other ex-offenders—albeit, not for all positions, and always dependent on the candidate, the job, and the nature of the crime.