Banking

JPMorgan restricts business travel for unvaccinated staff

JPMorgan Chase, rolling out new measures to prevent COVID-19 infections, said it is banning business travel and in-person meetings for employees who aren’t vaccinated against the virus or decline to disclose whether they’ve had their shots.

“Clients are increasingly asking us to ensure meetings are restricted to vaccinated employees,” the bank wrote in an internal memo announcing the new policies on Monday. “We agree with medical authorities that being vaccinated is the best way to protect yourself, loved ones, colleagues and communities from the virus.”

Unvaccinated employees also will face higher payroll deductions to cover the cost of testing and health insurance, starting next year, the bank said. And newcomers to certain roles, such as client-facing positions and those requiring business travel, must be vaccinated, the bank added.

Wall Street banks have been adjusting their rules, in some cases offering less leeway to vaccine-hesitant staff, as they continue their push to repopulate offices in the wake of the more infectious delta variant. JPMorgan was one of the first major banks to require all staff to return to its U.S. towers at least part time.

The new policies outlined in the New York-based lender’s memo take effect immediately. The new restrictions don’t apply to branch workers, where the bank has imposed other safety procedures.



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