Citigroup is the first major Wall Street bank to terminate unvaccinated workers

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Citigroup will be the first major Wall Street institution to implement a vaccine mandate by terminating non-compliant workers by the end of this month.

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The bank reminded employees about its policy in a memo sent on Friday, previously disclosed In October, that they should be “fully vaccinated as a condition of employment.” At that time the bank had said that the employees would have to deposit evidence Vaccination by 14 January.

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Those who haven’t complied by next week will be placed on unpaid leave, according to the memo, with their last day of employment being January 31, first reported by Businesshala. A spokesperson for the New York-based bank declined to comment.

Citigroup, the third largest US bank by assets and a major player in fixed income markets, maintains the most aggressive vaccine policy among Wall Street firms. Rival banks, including JPMorgan Chase and Goldman Sachs, have so far stopped short of terminating unvaccinated employees.

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Citigroup, led by CEO Jane Fraser since March last year, said it made the decision because, as a government contractor, it needed to comply with President Joe Biden’s executive order on vaccines. The bank also said that the implementation of the mandate will help in ensuring the safety of employees returning to office work.

According to a person with knowledge of the matter, more than 90% of workers are complying with the vaccine mandate, and that figure is rising near the deadline.

While some technology companies have embraced remote working as a sustainable model, Wall Street CEOs including JPMorgan’s Jamie Dimon and Morgan Stanley’s James Gorman have been vocal about the need to pull workers back.

But the spread of the Omicron version of COVID-19 has forced companies to postpone back-to-work plans again, making it the latest disruption caused by the pandemic.

This story is developing. Please check back for updates.

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