(Reuters) – JPMorgan Chase & Co said on Monday it will restrict business travel for U.S. employees who are unvaccinated or have not disclosed their vaccination status to the bank, according to an internal memo seen by Reuters.
The bank has also mandated such staffers to be tested twice a week, and said they would need to contribute a higher cut of their pay towards medical insurance, to account for testing expenses.
The Wall Street bank has urged its employees to get their COVID-19 shots, but not mandated vaccines, in line with peers such as Bank of America Corp and Wells Fargo & Co.
JPMorgan Chase will also require proof of vaccination from employees participating in client events in-person, effective immediately, according to the memo.
The bank also said new joiners in client-facing roles or those required to travel for business will have to get vaccinated.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)