Citigroup will terminate Unvaccinated workers by Jan 31

 

Citigroup will be the first major Wall Street institution to enforce a Vaccine Mandate by terminating noncompliant workers by the end of this month. The bank reminded employees in a memo sent Friday about its policy, first disclosed in October, that they must be “fully vaccinated as a condition of employment.”

 

Those who haven’t complied by next week will be put on unpaid leave, with their last day of employment being Jan. 31, according to the memo, which was first reported by Bloomberg.

 

Citigroup, the third biggest U.S. bank by assets and a major player in fixed income markets, has had 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.

 

Citigroup, led by CEO Jane Fraser since March of last year, said it made the decision because as a government contractor, it needed to comply with Biden’s executive order on vaccines. The bank also said that enforcing the mandate would help ensure the safety of employees who return to office work.

 

More than 90% of employees are compliant with the vaccine mandate, and that figure is rising as the deadline nears, according to a person with knowledge of the matter. The bank had 220,000 employees as of late last year, although the policy applies only to U.S. based staff.

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