Drug testing at big banks, from Bank of America to JPMorgan
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- BI asked the largest US investment banks if they test for marijuana and other drugs.
- NY prohibits employers from testing many job seekers for marijuana.
- Drug testing on Wall Street is not dead, however. See the policies and exceptions here.
Laws and attitudes around drugs are swiftly shifting, which can create confusion for job seekers. Is medical marijuana OK to use at work if you have a prescription? What drugs can you be tested when applying for a new job?
In New York, the financial capital of the United States, recreational cannabis use is now legal for people over age 21, and testing job seekers for marijuana in the Empire State has been largely outlawed.
That doesn't mean that drug testing on Wall Street is dead, however. Indeed, many large banks have strict rules against using substances at work, including unsanctioned alcohol. And while NY-based employers are prohibited from testing most job seekers for marijuana, they can still test for other drugs and discipline workers for being impaired on the job by drugs, including cannabis.
BI reached out to six large banks, including JPMorgan Chase, Bank of America, and Citi, to ask about their drug testing policies. We found that, for the most part, these employers no longer screen most job applicants for drugs of any kind.
That said, these banks still have the right to test for drugs, including marijuana, under certain circumstances, including when federal or state law requires it as a mandate of the position or when someone shows signs of being impaired on the job.
Bank of America reserves the right to screen for drugs when legally required, according terms and conditions of employment posted on its website. JPMorgan Chase, meanwhile, may require suppliers to test personnel who work with the bank for amphetamines, cocaine, opiates, and phencyclidine, according to documents posted on its website.
Like it or not, drugs have long been a mainstay of Wall Street culture. While cocaine has been largely replaced by softer uppers, like Adderall and Zyn, the intense demands of the finance industry can often lead to drug use, as Business Insider has previously reported.
See what we learned about drug testing for job seekers and current employees at Citi, Wells Fargo, Bank of America, and more.
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A spokesperson for the Charlotte, North Carolina-headquartered bank said the firm does not require new hires or current employees to test for drug use.
Documents posted on the company's website show that it may screen for drugs in select circumstances. One document, for example, says employees may be asked to "agree to undergo a screening for illegal drugs prior to or during my employment with Bank of America if requested or as legally required." A positive test may "render me ineligible for employment at Bank of America."
The drug policy posted on the bank's website says that the use or even possession of illicit drugs during work hours can lead to termination.
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Citi also doesn't require drug testing as a condition of employment, a bank spokesperson said. This goes for both new hires and existing employees.
BI reported in 2019 that Citigroup was reevaluating its stance on testing job applicants for marijuana use. The bank also held high-level discussions among senior executives about how closely it should work with the cannabis industry or clients interested in doing cannabis deals.
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A spokesperson for Goldman Sachs told BI that the bank does not test new hires or current employees for marijuana or other substances.
Goldman's policy is a switch from 2019 when a Goldman spokesperson told BI the bank drug tests new hires, though the screening process did not include marijuana.
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A spokesperson for JPMorgan Chase declined to comment on the bank's drug-testing policies.
A 2021 document obtained by BI showed that JPMorgan may test its supplier's employees, at the supplier's expense, at a Substance Abuse and Mental Health Services Administration (SAMHSA) certified site. This includes personnel who "work at a site of any JPMC and receive a JPMC identification access badge" or who have access to the bank's confidential information, networks or systems, or customer property, the document says.
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A Morgan Stanley spokesperson told BI that the bank does not test employees or new hires for any substances.
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Wells Fargo does not require new hires or current employees to screen for marijuana or other drugs, a spokesperson told BI. "Drug testing is not part of our pre-employment eligibility review," the spokesperson wrote.
That said, Wells Fargo's online policy calls for a "drug-free workplace," including the improper use of legal substances. "All employees are required to perform their job duties unimpaired by illegal drugs, marijuana, alcohol, or the improper use of legal substances," the policy states, adding: "Employees are prohibited from working or reporting to work when impaired by alcohol or drugs."
