Wall Street banks dropping drug tests, embracing new hiring approach.

1 min read

Prestigious Wall Street banks are no longer testing job seekers for marijuana and other drugs. In a recent survey conducted by Business Insider, it was found that the largest banks in the industry no longer screen applicants or employees for marijuana use. This shift is happening as attitudes towards cannabis legalization in the US change, with 88% of Americans believing that some form of cannabis should be legal. Recreational use of cannabis is currently legal in 24 states and the District of Columbia.

One of the main reasons for this change is new legislation in New York City, where many of the largest banks are headquartered or have large offices. In 2019, the City Council passed a bill that prohibits employers from forcing job applicants to take drug tests for marijuana use, with exceptions for “safety-sensitive” industries. The New York State Department of Labor has also released guidance stating that employers cannot test employees for marijuana use unless they are visibly impaired on the job or federal law mandates testing.

When reaching out to several investment banks with a significant presence in New York City, including JPMorgan and Citigroup, it was found that most of them no longer screen applicants for marijuana use, and some don’t test for any drugs at all. Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo have all confirmed that they no longer test new hires or current employees for drug use. UBS did not respond to the request for information, and Credit Suisse declined to disclose their policies.

This shift in drug testing policies reflects a broader change in societal attitudes towards marijuana. As more states legalize cannabis, employers are reevaluating their drug testing policies to attract and retain top talent. This trend is particularly significant in the financial industry, where drug tests have traditionally been seen as a way to ensure professionalism and risk management. However, with the changing landscape of marijuana legalization, drug testing for marijuana is no longer considered necessary or relevant.

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