Dimon warns JPMorgan staff not vaccinated in New York

Bloomberg – Jamie Dimon issued a warning to employees at JPMorgan Chase & Co. (JPM) in New York who are reluctant to get vaccinated.

“To go to the office they have to be vaccinated and if they are not going to be vaccinated they will not be able to work in that office,” Dimon said Monday in an interview in CNBC. “And we are not going to pay you for not working in the office”.

The warning comes after the bank implemented a vaccination requirement last month at nine Manhattan office buildings. Dimon said 97% of the firm’s employees in New York are already vaccinated. Rival Citigroup Inc. is threatening unvaccinated employees with firing this month.

Unlike Citigroup, Dimon’s bank has so far not required vaccinations from all employees and instead is adjusting its vaccine strategies locally based on varying circumstances in the geographies where the largest bank in the United States operates, He said.

“Unlike any other policy we’ve had, we are not trying to be consistent,” Dimon said. “There are different laws and different requirements in cities, states and schools, so here we are adapting locally”.

That could mean that “as buildings achieve 95-97% vaccinations in certain states, that may end up with a different policy than another state,” he said.

The CEO also commented on consumer health ahead of his company’s fourth-quarter earnings report, scheduled for later this week, and said they have never been in better shape.

“They are spending 25% more today than before Covid-19,” Dimon said. “Home prices rose, stock prices rose, jobs abounded, wages rose”.

On inflation and the potential for rate hikes from the Federal Reserve, Dimon said that, “if we are lucky,” the central bank will engineer a soft landing. Still, inflation may be worse than the Fed thinks and it will have to raise rates more than is currently expected, he said.

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