Citigroup has told its workforce that employees who refuse to get vaccinated and don’t have an exemption will be fired.
Employees with the New York-based investment bank will be placed on unpaid leave if they don’t comply with the companywide mandate by Jan. 14, with their employment being terminated at the end of the month. Employees are allowed to apply for religious or medical exemptions.
Some of the terminated employees will still be eligible for end-of-year bonuses, but receiving those payments is contingent upon agreement that they will not take legal action against the financial services firm to receive those funds, Bloomberg reported.
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“You are welcome to apply for other roles at Citi in the future as long as you are compliant with Citi’s vaccination policy,” the company said in a memo to its thousands of employees.
Some 90% of Citi’s employees have already complied with the company’s mandate, a number that is quickly rising, a Citigroup spokesperson told the Washington Examiner.
The company has become the first major Wall Street bank to institute a vaccination-or-termination policy. Citigroup announced a vaccine mandate for all domestic employees back in October after the Biden administration issued vaccine mandates for employees of companies with federal contracts.
President Joe Biden also announced businesses with more than 100 employees must institute a COVID-19 vaccine mandate, with an alternative to provide weekly testing results.
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Biden’s orders face legal challenges, and the Supreme Court will hear arguments on the matter on Friday.
