JPMorgan wants to give people with criminal records a second chance at a good job.
The United States is boasting its lowest unemployment rate in nearly 50 years, but that doesn't hold true for people with prior convictions. Enter the largest bank in the country, which said on Monday it wants to level the playing field."When someone cannot get their foot in the door to compete for a job, it is bad for business and bad for communities that need access to economic opportunity," said JPMorgan CEO Jamie Dimon in a press release.
Barriers to entryBut there are still plenty of employers requiring the disclosure of prior convictions, and that poses a barrier to entry to the job market for people with a criminal background.Because of that, the unemployment rate is much higher for Americans with records than for those without. In fact, it's an estimated 27% for the roughly five million formerly incarcerated people in the country, according to JPMorgan. That is compared with 3.5% for the United States as a whole.
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