Morgan Stanley CEO James Gorman said the return to work policy will be “case-by-case” as "I don't think making a blanket statement to all employees is helpful" (Image: Reuters)
A week after Morgan Stanley CEO James Gorman said that employees at the Wall Street bank’s New York office would have to return to work, the company has said it will bar unvaccinated staff.
In an internal memo, which Bloomberg termed “the most restrictive by a major US bank”, the firm outlined its plans for a “normal office environment without need for masks and social distancing” – hence necessitating vaccinations.
Besides vaccination, the memo, first reported by the Financial Times, has also set “timetable and protocols” for working in vaccine-only spaces and is likely to be expanded to other offices by July 12, the report said.
The policy will apply to workers, clients and visitors at the company’s New York City and Westchester offices.
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Just last week, Gorman had told employees either get back to the offices by September, “or else”, adding: "If you can go to a restaurant in New York City, you can come into the office. And we want you in the office."
He added that the policy would “not be dictatorial” and flexibility on splitting time between home and office would continue as working parents still need to be home with children who are not in school or summer camps and clarified that the return to work policy will be “case-by-case” as: "I don't think speaking to employees who work at 1585 Broadway in Times Square is the same as speaking to a small office in Topeka."
Gorman had then also said that 90 percent of Morgan Stanley employees are vaccinated for COVID-19 and he expects this number to eventually rise to 98-99 percent, adding the company would deal with employees who may not take the vaccine due to health or religious reasons.
Morgan Stanley’s push for vaccination comes even as 72 percent of US employers told Willis Towers Watson in a survey that they don't plan to require their workforces to get vaccinated before returning. But it is not alone.
Last week BlackRock told employees only fully vaccinated employees could return to work from next month, while Bank of America said it would “prioritise” return of vaccinated staff by early September and make arrangements for those unvaccinated later.For full coverage on the coronavirus pandemic click here