Morgan Stanley is planning to block unvaccinated staff and clients from entering the bank’s New York offices if they are not fully vaccinated after the CEO issued a stark warning that employees are expected back after Labor Day.
Employees, clients and visitors will be required to be fully vaccinated in order to access the bank’s offices in New York and Westchester.
From July 12, those who don’t attest to being fully vaccinated will lose building access, according to an internal memo obtained by the
Those who are not fully vaccinated will need to work remotely.
‘Starting July 12 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 memo, signed by chief human resources officer Mandell Crawley, says.
Employees, clients and visitors will be required to be fully vaccinated in order to access the bank’s offices in New York City (pictured above) and Westchester
The memo goes on to say that the ‘overwhelming majority of staff’ have already attested to being vaccinated.
The new policy will allow removal of COVID-related restrictions on face coverings and maintaining physical distancing inside office premises.
Morgan Stanley’s strict vaccine policy comes about a week after CEO James Gorman warned that he expects all staff to return to the company’s Times Square home office by Labor Day
It was designed to speed up the process of returning the office to normal.
From Wednesday, the bank is also getting rid of the daily health check form vaccinated employees have been required to fill out that scans for COVID-19 symptoms.
Morgan Stanley had already implemented ‘vaccine-only’ workspaces in some divisions including institutional securities and wealth management.
The bank’s vaccine policy is among the strictest on Wall Street.
Goldman Sachs has made it compulsory for employees to disclose if they have been vaccinated. Unvaccinated employees are allowed in the office but are required to wear face masks.
Vaccine disclosure at JPMorgan Chase is voluntary.
Morgan Stanley’s strict vaccine policy comes about a week after CEO James Gorman warned that he expects all staff to return to the company’s Times Square home office by Labor Day – and they may risk salary cuts if they refuse.
The bank is currently not dictating how many days a week staff should come in.
The new vaccine policy, which will be implemented from July 12, also applies to the bank’s offices in Westchester (pictured above)
From July 12, those who don’t attest to being fully vaccinated will lose building access. Those who are not fully vaccinated will need to work remotely
Speaking at the bank’s annual US Financials, Payments & CRE Conference, Gorman said that may will if people don’t choose to return to their office in Times Square by the end of the summer.
‘I would call it directionally 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,’ he said.
Gorman currently goes into the office four days a week and has been in at least one day a week since last summer.
‘Make no mistake about it – we do our work inside Morgan Stanley offices and that’s where we teach, that’s where our interns learn, that’s where you build all the soft cues that go with building a successful career that aren’t just about Zoom presentations.
‘When will that occur? My leadership style has been very deliberate. I went from one day a week from July to Labor Day last year, two days Labor Day until the end of the year, three days the beginning of this year until March and now I am at four days.
‘If you can go into a restaurant in New York City, you can come into the office. We want you in the office.’