Citigroup
The policy presents one of the most stringent set of vaccination requirements in effect on Wall Street. Goldman Sachs
Citigroup's policy allows for exemptions in some instances. The company's policy provides for Citigroup human resources to "assess all requests for religious, medical or any other accommodation required by state or local law on a case by case basis," according to Citigroup HR Head Sara Wechter.
The Biden Administration's sweeping vaccine mandate is currently facing intense legal scrutiny, with Supreme Court justices hinting at the executive order being an unconstitutional overreach. However, for private businesses, courts appear to be much more supportive of vaccine mandates.
Citi's strict policy is closely similar to United Airlines
The apparent support by courts makes vaccine mandates at least legally tenable, although many companies still appear reluctant due to potential labor market blowback. Retail and food service chains, for example, have voiced concerns that stringent vaccine requirements could further reduce the shrinking pool of low-wage workers. White-collar employers such as JP Morgan Chase and Goldman Sachs appear willing to apply limited pressure but reluctant to push mandates too far as firms attempt.
The announcement might have contributed to Citi's stumble at the market Monday, with the firm dropping 0.50% below Friday's close within the first half-hour of trading. Shares recovered 0.85% to help Citi squeak by just over its previous closing price.