JPMorgan says labor shortage requires unconventional hiring

JPMorgan Chase says that companies can deal with global labor shortages in part by tapping the neurodiverse and people with criminal backgrounds.

The New York-based bank has hired thousands of people with criminal records and hundreds of people with autism or other conditions, Brian Lamb, JPMorgan’s global head of diversity, equity and inclusion, said Thursday during CNBC’s Equity and Opportunity forum.

“There’s a labor shortage, I think we’re all experiencing that globally,” Lamb told CNBC’s Sharon Epperson. “It’s going to require unconventional approaches” to hiring, he said.

People with criminal backgrounds can face barriers to employment, said Lamb. The bank, which had 271,025 employees as of year end 2021, has eliminated questions about criminal records from initial job applications, he said. The bank has also linked up with external partners on resume and career coaching services.

“We’re hiring thousands of individuals with criminal backgrounds into the workplace at our firm,” Lamb said. “That is another specific example of what we’re doing to make progress around tapping into the talent pools that have historically been left behind.”

JPMorgan has also established a pipeline for candidates with disabilities including autism in nine countries, according to Lamb.

“These partners help us identify, select and assess talent that we can move into these programs, hundreds of individuals that we believe can go into over 40 roles across JPMorgan Chase,” he said.