Some of Wall Street’s most prestigious banks no longer screen applicants for marijuana use. Here’s where 7 of the largest firms stand on drug testing.

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As attitudes shift toward cannabis legalization in the US, pre-employment drug tests are becoming a thing of the past.  

New York’s City Council passed a bill in April of last year that bars employers in the city from forcing job applicants to take drug tests for marijuana use. The bill, which went into effect in May, does make exceptions for drug testing in “safety-sensitive” industries like law enforcement and construction.

Many of the world’s largest banks, including Goldman Sachs and JPMorgan Chase, are either headquartered in New York or have large offices there, meaning that this shift affects a significant portion of their talent pool and hiring practices. 

To put together this story, Business Insider reached out to the largest investment banks with a significant presence in New York City. When the banks didn’t want to comment, Business Insider reached out to insiders with knowledge of the firm’s policies. 

Read more: Some cannabis stocks now have the green light from US wealth managers like Morgan Stanley, Merrill Lynch, and Wells Fargo. We have details on firms’ policies.

For the most part, these employers no longer screen applicants for marijuana use. 

As Business Insider reported last year, it’s natural that some of the country’s largest and most prestigious employers are reevaluating their policies on testing job applicants and recent hires for a substance that is now legal for recreational use in Canada and 11 states and for medical use in more than 30 states.

While New York state does not yet have a commercial marijuana market it’s clear that legalization is on the state’s doorstep. Governor Andrew Cuomo has supported the idea in the past, though the state’s legislature didn’t pass legalization this year due to the pandemic. Adding to the pressure on New York, neighboring Massachusetts has legalized cannabis, and New Jersey residents will vote on whether to legalize marijuana in the state in November.

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Here are the policies that each bank has on testing applicants for marijuana and drug use. If you’re on the job hunt, read on:

Note: This story is an update to a story we published last year, prior to the law going into effect.  

Bank of America does not screen job applicants or new hires for drug use.

A Bank of America spokesperson said the bank does not test job applicants or new hires for drug use, and hasn’t in the past.

The Charlotte, North Carolina-headquartered bank has not had to change its policies in light of the New York City rule, the spokesperson said.

Last year, the bank initiated coverage on a number of Canadian cannabis stocks, including Canopy Growth, Aurora Cannabis, Hexo Corp, and Cronos Group. The bank also provided financing to Constellation on the purchase of an equity stake in Canopy Growth.

 

Citigroup no longer tests job applicants for marijuana use, according to a person familiar with the matter.

Citigroup no longer tests job applicants for marijuana use as part of the hiring process, a person familiar with the matter said.

The person added …read more

Source:: Business Insider

      

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