Morgan Stanley will bar employees and clients who have not been fully vaccinated against COVID-19 from entering the bank’s New York offices, according to an internal memo.
“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,” chief human resources officer Mandell Crawley said in the memo, which was obtained by the Financial Times.
After July 12, those who don’t attest to being fully vaccinated will lose building access, the memo said. Those who are not fully vaccinated would continue to work from home.
The “overwhelming majority of staff” already reported getting their shots, the memo noted, according to the FT.
The policy will let the bank remove some COVID restrictions in the office, such as requiring masks and social distancing, the bank said.
The FT said Morgan Stanley had already rolled out “vaccine-only” spaces across some divisions.
The bank’s hardline vaccine requirement comes as its executives push for a swift and full return to the office. Chief Executive James Gorman issued a stern warning to his staff last week, telling them to come back to the office by Labor Day, or face a pay cut.
“Make no mistake about it. We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” Gorman said. “If you can go into a restaurant in New York City, you can come into the office.”
“On Labor Day, I’ll be very disappointed if people haven’t found their way into the office. Then, we’ll have a different kind of conversation,” he added.
Separately, executives at the bank issued a memo last week declaring that the bank had resumed in-person meetings with clients and investors.
“We ripped the bandage at Morgan Stanley and took some investors to a HQ visit last week,” a Morgan Stanley executive said in the memo. “Everyone will have their own timeline and will do things when it feels right, but I have to say that if felt good to see IRs and investors together again.”
Other financial giants have made similar attempts to resume normal working conditions. Goldman Sachs welcomed employees back to the office last week with live music and free food-truck lunches.
Goldman has previously required employees to disclose their vaccination status, but has not publicly announced any barring of non-vaccinated staff from the office.
Private-equity giant Blackstone said last month that its US workers in certain divisions could return to offices if they’re fully vaccinated.
With Post wires and additional reporting by Lydia Moynihan