- 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.
