Investment banking major Morgan Stanley plans to block employees and clients who are not fully vaccinated against COVID-19 from entering its New York offices, the Financial Times reported citing an internal memo.

The policy is expected to come into effect on July 12, and all unvaccinated employees will lose building access from then onwards.

All employees, contingent workforce, clients and visitors will be required to attest to being fully vaccinated to access Morgan Stanley buildings in New York City and Westchester, the company said.

As per the report, the unvaccinated employees will need to work remotely. The company would also maintain some flexibility in terms of working from home.

The bank has already implemented vaccine-only work areas in some divisions. With the policy changes, the company aims to create a normal office environment avoiding face masks and social distancing.

Morgan Stanley CEO James Gorman reportedly said recently that he expects employees at their New York branch to return to work soon. According to him, more than 90 percent of employees back in the offices were already vaccinated.

Gorman then said, “By 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. If you want to get paid New York rates, you work in New York.”

As per reports, BlackRock Inc. and Bank of America Corp. are also planning to allow only fully vaccinated employees to their offices.

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