Jamie Dimon, the CEO of JPMorgan Chase, has been a strong supporter of in-person work during the COVID-19 pandemic. Dimon flat out said, “he would fire New York-based employees who haven’t been vaccinated.”Those words come after Citigroup, the fourth-largest bank in the U.S., took a very hard line on vaccines. There are strict rules about vaccinations at the bank, and if people don’t get vaccinated could lose their jobs. Employees who have religious beliefs or medical conditions that qualify them will not have to pay.JPM has taken this even a step further. A recent memo was issued letting advisors know that if they “are not fully vaccinated or has chosen not to declare their status is not permitted to travel for the firm for any business reason.”
Wave goodbye to client meetings.
Advisors across the country have taken this to heart. How is it a firm can dictate you are required to come back into the office, but if you decline to show your proof of vaccination, the firm bars you from seeing your clients? We don’t get it. They’re saying it’s OK to put you in a closed, indoor room with your co-workers but not at all with your clients, where you have the option to set a meeting up in an outdoor setting. The firm’s decree is putting limits on how you conduct your business, to limit how you interact with your clients. And if you do see your clients, we all know that just gives the firm reason for termination.
This is a great way to create a wedge between FAs and their clients. Oh, wait, it has! $2M J.P. Morgan Advisor Heads to WF and Yet Another to RayJay.