After CEO James Gorman declared that employees who refuse to return to the office (or even the main office in NYC) deserve a pay cut, Morgan Stanley is reportedly planning to ban employees who refuse to get vaccinated from returning to the office.
It appears MS is taking full advantage of the federal government's "green light" allowing firms to "incentivize" workers to get vaccinated.
All full-time, part-time, contractors, clients and visitors will soon be required to provide evidence that they're fully vaccinated starting next month.
All employees, contingent workforce, clients and visitors at any of Morgan Stanley's New York offices in NYC and Westchester County will be required to attest to being fully vaccinated to access Morgan Stanley buildings beginning on July 12, according to a memo, which was signed by Morgan's chief human resources office Mandell Crawley.
The rule will apply not only to employees, but to clients as well, in the firm's New York headquarters, according to the FT, which broke the news Thursday evening.
"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," said the memo, signed by chief human resources officer Mandell Crawley.
MS says that the overwhelming majority of its NY building staff have already been vaccinated. Meanwhile, the bank is also loosening protocols for vaccinated staff by dropping the daily health check form requirement for those who want to go into the office or visit clients.
According to the FT, Morgan Stanley's vaccination policy is the most strict among the biggest Wall Street banks, which have been at the forefront of the push to convince workers to return to the office. Goldman Sachs has already made it compulsory for staff to disclose their vaccination status, but unvaccinated staff are permitted in buildings as long as they wear masks and practice social distancing.
At JPM, disclosure is voluntary.
More than 70% of adult New Yorkers have received at least one dose of the vaccine and the state has rolled back the vast majority of its pandemic-era restrictions.
While it's one thing to ask workers to get vaccinated, Morgan's requirement that clients also get the jab before returning to the office for an in-person meet will undoubtedly provoke an ego-driven tantrum among the bank's biggest and most important clients.