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Banks are increasingly trying to hire, and talking about hiring, military veterans, hoping that giving jobs to war heroes will help repair the industry's reputation.
June 22
Banks have unveiled another round of programs to help the military personnel and veterans whom the country honors today, seeking the
JPMorgan Chase (JPM) and Wells Fargo (WFC) were among the big banks in recent days that touted their support of U.S. service members and their families. JPMorgan said that it would start recruiting spouses of military personnel and would launch a formal employment program later this year. It has formalized that hiring commitment by joining a program run by the Defense Department, called the Military Spouse Employment Partnership.
The country's biggest bank has hired more than 6,000 veterans and donated 630 mortgage-free homes to military families since 2011, JPMorgan said in a
Meanwhile, Wells Fargo
The Consumer Bankers Association on Thursday also drew attention to the
This weekend Bank of America said it had donated 800 homes to nonprofit organizations serving veterans, as part of a three-year commitment to donate 1,000 such homes. The Charlotte, N.C., bank said it is on track to reach that goal more than a year ahead of schedule.
Big banks took major reputational hits a few years ago after widespread reports of mistreatment of military-related customers, including foreclosure on service members' homes while they were overseas. In 2011 JPMorgan Chairman and CEO
A big part of banks' make-good campaign has involved hiring.
On Tuesday several banks will host an annual "Veterans on Wall Street"
Executives from those banks, including Citi CEO Michael Corbat, spent last Wednesday evening at a benefit for the organization, rubbing elbows with Bruce Springsteen and Jon Stewart, according to
Meanwhile, the Small Business Administration ushered in the holiday weekend with a
Sarah Todd contributed to this article