Morgan Stanley will prohibit unvaccinated staff members and clients from entering its New York offices.
Employees at the financial services firm were informed Tuesday they would be required to “attest to their vaccination status by July 1.” Additionally, the memo obtained by the Washington Examiner indicated that unvaccinated employees, clients, and visitors will not be permitted to enter the company’s New York City and Westchester offices.
Employees who aren’t fully vaccinated will be required to work remotely.
Chairman and CEO James Gorman said Monday that in-person work was key to Morgan Stanley's services, adding if his employees can go to a New York City restaurant, they can come into the office.
“I would call it directionally very strong, without dictating, yet. But Labor Day, I'll be very disappointed if people haven't found their way into the office, and then we'll have a different kind of conversation,” Gorman said in his keynote conversation at the Financials, Payments & CRE Conference.
In his 10th year at the helm of the "too-big-to-fail bank,” the CEO is confident employee vaccination rates would near 100%, noting the company would offer some flexibility to workers as the post-coronavirus economy begins to emerge.
The Equal Employment Opportunity Commission released guidance on June 2 that indicated employers are legally permitted to require vaccinations and can offer incentives to encourage vaccination.
Morgan Stanley isn’t alone among financial institutions; BlackRock, the largest asset management company worldwide, will require employees to report their vaccination status by June 30. Unvaccinated employees will not be allowed to resume in-person work when the office opens on a voluntary basis later this summer.
Bank of America said 70,000 of its employees have disclosed their vaccination status and plans to bring its staff back into offices after Labor Day. Plans for unvaccinated workers will be developed after the fall, CEO Brian Moynihan said in an interview earlier this month.
“After Labor Day, our view is all the vaccinated teammates will be back, and we’ll be able to operate fairly normally, and we’ll then start to make provisions for the other teammates as we move through the fall,” Moynihan said.
Goldman Sachs requires its employees to disclose vaccination status, and the status may be shared with supervisors. Employees who lie about their status are subject to firing and other disciplinary measures.
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Original Author: Carly Ortiz-Lytle