Only fully vaccinated employees, customers and visitors can enter its offices in New York and West Chester.
Morgan Stanley stated that if employees and customers are not fully vaccinated, they will not be allowed to enter the bank’s New York office, making it the latest Wall Street company to postpone the return of unvaccinated employees.
A source familiar with the matter told Reuters on Tuesday evening that employees, customers and visitors will be required to prove that they have been fully vaccinated before they can enter the bank’s offices in New York City and West Chester, New York.
The source added that those who have not been fully vaccinated will need to work remotely.
The policy is outlined in an internal memo and is one of the strictest policies issued by major US banks to date. The company stated that the goal is to help create a normal office environment without the need to wear masks and maintain physical distance.
According to sources, the new policy will take effect on July 12.
Just last week, CEO James Gorman issued a warning to employees who are still unsure whether to return to his building. “If you can go to a restaurant in New York City, you can enter the office, and we hope you are in the office,” he said at a meeting.
Gorman estimates that more than 90% of the employees returning to the office have been vaccinated, and said he expects this number to be close to 100. The bank did not demand full returns like Goldman Sachs and JPMorgan Chase, but Gorman said that if the office is not full before Labor Day in September, “then we will have another conversation.”
Although most American employers have stated that they do not plan to require employees to be vaccinated before returning, some large financial companies have taken a tougher stance in recent days. BlackRock told U.S. employees last week that starting next month, it will only allow those who have been fully vaccinated to return. Bank of America also plans to prioritize the return of vaccinated employees and recall them all by early September. It said it will make arrangements for those who have not been vaccinated later.
Of the employers who responded to the May survey conducted by consulting and risk management company Willis Towers Watson, about 72% said they did not plan to require vaccinations to return to the workplace. On the contrary, most people will require unvaccinated employees to wear masks indoors.
According to the Financial Times, which first reported the news, Morgan Stanley has implemented a “vaccine-only” workspace in the institutional securities and wealth management departments.