The Financial Services industry encompasses a broad range of companies such as investment banks, commercial banks, wealth management firms, and insurance firms, with some companies providing multiple services. Titles for roles in the sector include financial analysts, investment bankers, fund managers, and financial advisors. In the finance industry, drug testing is often viewed as a standard part of the pre-employment background check.
Why is drug testing so important in the financial industry? Test Country, a drug test kit provider, speculates that finance professionals such as investment bankers are prone to addiction from working highly stressful jobs and having large amounts of money to spend on drugs. The finance resource Investopedia, claims that financial services rank seventh or eighth out of all sectors in drug abuse. No information is provided on the details of the study, but either way, who doesn’t think of cocaine when they hear investment banker?
Here at the True Negative, we took a look at the financial services companies in our database. Our findings showed that the vast majority of financial services firms drug test. Most common was a pre-employment drug test. Below we’ve divided the results into non-commercial banks and commercial banks. Yeah, companies like Bank of America and Wells Fargo could be categorized as commercial banks. However, we’ve put them under “Non-Commercial Banks” since they provide many services outside of what a commercial bank provides. See the results below:
Non-Commercial Banks
American Express: yes, pre-employment urine
Bank of America: yes, pre-employment urine and saliva test
Blackrock: yes, pre-employment urine test
Discover Financial Services: yes, pre-employment urine test
Federal Reserve Bank of San Francisco: no drug testing
JPMorganChase: yes, pre-employment urine test
Mizuho: yes, pre-employment urine test
Morgan Stanley: no reported drug testing (of course, this doesn't necessarily mean that they don't)
Vanguard: yes, pre-employment urine test
Wells Fargo: a home mortgage consultant in Nevada reports no drug testing (note that weed is legal in Nevada), an employee in Arizona reports a pre-employment urine test
Commercial Banks
AMOCO: pre-employment, urine test
Chase Bank: no drug testing
HomeStreet Bank: no drug testing
Marine Bank: pre-employment blood, urine test
Mutual of Omaha Bank: pre-employment, urine test
Pedestal Bank: no drug testing
People’s United Bank: no drug testing
Pima Federal Credit Union yes, on the job, blood test
Seaway Bank: pre-employment hair, saliva, urine test
Town and Country Bank: no drug testing
UMB Bank: pre-employment, urine test
We hope this information provides you with what you need to find a company that matches your lifestyle. Of course, this information is not complete and it's always possible that you may receive an unexpected drug test. When this is the case, products such as TestClear's proven detox solutions are invaluable in helping you test negative on short notice.
Do you currently work for a financial services firm or have worked for one in the past? Submit your information here As always, information on companies that drug test is as equally valuable as information on companies that do.