Factbox-U.S. banks tighten COVID-19 precautions as Omicron variant spreads -Breaking
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© Reuters. FILEPHOTO: The Bank of America logo in Manhattan, New York City is shown on January 30, 2019. REUTERS/Carlo Allegri2/2
(Reuters) – U.S. banks are more proactive than any other industry in encouraging workers back to work, however these plans have come under scrutiny because of rapid spreading Omicron coronavirus variant. Many have reworked their plans.
While most major U.S. bank have employees working in the offices since summer, others now choose not to throw holiday parties or strongly encourage staff to receive booster shots. Here are some guidelines for Wall Street’s largest banks in relation to pandemics.
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Bank of America Corp (NYSE 🙂
Bank employees have been encouraged to get fully vaccinated since the end of summer and to receive booster shots as soon as they are eligible. The bank offers clinics at several locations.
Citigroup Inc (NYSE:)
Citigroup C.N said Wednesday to employees at New York City’s New York City Office that it would allow them to work from home if needed, according Reuters.
While the bank is requiring all Americans to get vaccinated, they are not mandating boosters. According to a source, the bank is offering quick test kits as well as encouraging employees to get tested before entering its offices.
Deutsche Bank (DE:)
According to an anonymous source, the German lender made COVID-19 boosters readily available to its staff in New York City’s new headquarters at Midtown since November.
Goldman Sachs Group Inc (NYSE:)
In August, infections erupted due to the spread of the Delta variant. The Wall Street Bank mandated vaccinations for its employees and visitors who entered its American offices.
The United States requires that staff be tested on-site every week. Access to boosters is available from the bank for eligible customers, but they are optional.
A source close to the situation said that Goldman has canceled its New York holiday parties due to COVID-19 fears. Over the past few weeks, holiday parties were held by the bank.
Jefferies (NYSE:)
Investment bank staff must have COVID-19 vaccinations before they can enter their offices. They also require boosters for all employees by January 31, except if the individual concerned isn’t eligible. It does not conduct onsite testing.
After a series of high-profile cases, the bank requested that staff work remotely and cancelled all travel except for essential.
JPMorgan Chase & Co (NYSE:)
American’s largest bank mandated that its employees cover their faces in August. It was also one of the most proactive in getting employees back into the office.
The bank announced in October that it will restrict travel by employees who haven’t been vaccinated and/or are not able to disclose their status. Employees in this category are required to be tested two times per week. They also have to pay more towards medical insurance.
For new employees in roles that deal with clients or require them to travel, the bank required vaccines.
Morgan Stanley (NYSE:)
Morgan Stanley requires all visitors, employees, and contractors to provide proof of immunization before they can enter its New York headquarters. According to a spokesperson, the bank doesn’t require any additional COVID-19 testing of staff and visitors.
Wells Fargo (NYSE:) & Co
Although the bank strongly recommends that employees get the COVID-19 vaccine, they do not have to. If eligible, the bank provided four hours of paid time to all employees for the booster shot.
Employees were also asked by the bank to document their vaccinations or undergo regular testing.
Fidelity Investments
Company stated that it was suspending its voluntary New England office returns due to rising risks from the COVID-19 pandemic.
Source: Statements of company, memos, and sources
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