Finance

JPMorgan says it could mandate vaccinations in a bid to ramp up office return

JPMorgan has asked its US employees to reveal their Covid-19 vaccine status and highlighted it could make vaccines mandatory, as large investment banks on Wall Street prepare to ramp up return-to-office plans.

The investment bank told its US-based employees that they must reveal their vaccine status by 30 June, according to a memo sent to employees yesterday. Staff have the option of not revealing their vaccine status, but still need to respond to the request, the bank said.

Banks in New York have taken a tougher line on staff vaccinations than those in the City, with Goldman Sachs and Morgan Stanley also telling US-based employees to reveal whether or not they have had a Covid-19 jab.

Morgan Stanley said in a memo on 22 June that employees, contingent workers, clients and visitors will be required to confirm that they were vaccinated before entering its buildings in New York City and Westchester County. Chief executive, James Gorman, said that 90% of staff had received a vaccination.

READ JPMorgan, Goldman, Deutsche Bank push back wider return to UK office as ‘Freedom Day’ delayed

JPMorgan’s memo said that staff who had either chosen not to be vaccinated or reveal whether they have had the jab are still expected to return to the office.

“In the future, we may mandate that all employees receive a Covid-19 vaccination consistent with legal requirements and medical or religious accommodations,” the memo said.

Wall Street banks are ramping up a return to the office over the summer as Covid-19 cases have dropped in key locations and vaccination programmes have taken hold. JPMorgan, Goldman Sachs and Morgan Stanley have all signalled a widespread return to working in offices, even as some European rivals have signalled a new era of hybrid working.

Goldman Sachs asked its UK employees to reveal their vaccination status, Financial News reported, although the disclosure was voluntary. In a memo announcing that it was pushing its wider return in the City back to 19 July in line with the government’s new ‘freedom day’, Goldman said that the majority of its UK staff had received at least their first Covid jab.

READ Goldman Sachs UK staff ‘strongly encouraged’ to reveal Covid-19 jab status

JPMorgan has encouraged UK employees to receive a vaccine, but is not tracking employees’ status outside of the US.

Both Goldman Sachs and JPMorgan said that vaccinated employees in New York were free to walk around the office without a mask and did not need to observe social distancing.

JPMorgan told US staff that by 6 July, it expects them to spend at least 50% of their time in the office.

To contact the author of this story with feedback or news, email Paul Clarke

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