Last summer Banks across the country announced a change in wages for entry-level analysts, one of the most grueling yet high-paying jobs on Wall Street that tens of thousands of ambitious business undergraduates strive to capture annually. Despite this in the past decade, the banking industry has seen workers leave in droves, largely in response to the heavy work hours, competitive environment, social stigma, along with a myriad of other reasons. In response to this, banks have moved their $85K starting salary to six figures to better boost employee retention.
Despite this, however, some Banks like JPMorgan seem to be struggling with employment on all levels. This may have more to do with the broader state of employment than specific salary bumps, but the trend is nonetheless interesting. To combat this trend, JPMorgan Chase has opened hiring to thousands of people with criminal records and other conditions. This marks a major step in equity and inclusion in the banking industry and is a route some see as making good from the broader macro-economic employment issue. To specifically do this, the bank has eliminated questions about criminal records from initial job applications. JP Morgan has called their move a “specific example of what we’re doing to make progress around tapping into the talent pools that have historically been left behind”. What do you think about the move? And is will it make the banking industry more socially equitable?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.