This Company With 200,000 Workforce Will Fire All Unvaccinated Employees From This Date!
Citigroup Inc had issued an order requiring all its employees to be vaccinated or face termination.
What Happens Next?
It had issued the order in October and set Jan. 14 as the date by which office workers must be vaccinated.
Those failing to do so will be placed on unpaid leave, and their last day of employment will come at the end of the month.
Those entitled to certain year-end bonus payments will have to sign an agreement stating that they will not pursue legal action against the company to receive the funds.
The company does allow its employees to apply for religious or medical exemptions or any other accommodation by state or local law, on a case-by-case basis.
Increasing Pressure To Return To Offices
Wall Street banks in particular have been deploying all measures to make sure their employees return to the offices at the earliest.
However, emerging variants have consistently wreaked havoc on those plans.
The company is now the first major Wall Street institution to adopt a strict vaccine policy for its employees.
Over 90% of Citigroup’s 70,000-odd staffers have complied so far and the number is expected to grow ahead of the deadline.
Wall Street Rivals
Peers such as Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co have asked their unvaccinated employees to work from home.
However, none have suggested the possibility of termination due to non compliance regarding vaccination.
Morgan Stanley had also issued a vaccination mandate in July wherein building access is revoked for unvaccinated employees.
Citi has asked employees who do not have to be present in the office for certain functions to work from home “for the first few weeks of the new year”.
This flexibility and offering more days of at-home work is a slightly more relaxed stance compared to peers like Goldman.
It hopes that adopting such an approach will attract talent in an ongoing talent war on Wall Street.