Wells Fargo, Bank of America, JPMorgan, Citigroup to offer employees paid time off for vaccine appointments

Biggest banks join major companies in encouraging employee vaccinations

Wells Fargo will offer up to eight hours of paid time off beginning March 8 to encourage all eligible global employees to get COVID-19 vaccines.

WELLS FARGO INVESTS IN SIX BLACK-OWNED BANKS FOR BLACK HISTORY MONTH

“While we understand that choosing to be vaccinated is a personal decision, we encourage you to consider getting the vaccine when it’s available to you,” the bank's head of human resources David Galloreese wrote in a memo to employees.

Ticker Security Last Change Change %
WFC WELLS FARGO & CO. 43.17 -0.09 -0.21%

In addition, Wells Fargo will expand its COVID-19 testing program, offering free, on-site tests to workers at the bank's 25 largest locations.Employees who currently report to work in other Wells Fargo facilities, including its branch network, can request on-demand tests that can be self administered at home.

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The fourth largest U.S. bank joins competitors JPMorgan Chase, Bank of America, and Citigroup.

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 148.98 -1.60 -1.06%
BAC BANK OF AMERICA CORP. 38.52 -0.23 -0.59%
C CITIGROUP, INC. 70.29 -0.38 -0.54%

Representatives for Bank of America and JPMorgan Chase told FOX Business that eligible employees will receive up to eight hours of paid time off to accomodate the vaccine appointments. Meanwhile, Citigroup told FOX Business in a statement that it will provide "whatever paid time away from work is reasonably necessary to travel to and get the vaccine."

Ticker Security Last Change Change %
AZO AUTOZONE 1,475.47 -13.30 -0.89%
BBY BEST BUY 119.83 +1.01 +0.85%
DRI DARDEN RESTAURANTS INC. 145.59 +2.58 +1.80%
DG DOLLAR GENERAL 216.04 -1.09 -0.50%
KR KROGER 37.68 -0.19 -0.51%
MCD MCDONALD'S CORP. 233.55 +1.33 +0.57%
TSN TYSON FOODS 79.64 +0.11 +0.14%
TGT TARGET CORP. 206.03 -0.60 -0.29%

Other companies that have offered similiar pay incentives for employees who receive COVID-19 vaccines include Aldi's, Amtrak, AutoZone, Best Buy, Chobani, Darden Restaurants, Dollar General, Instacart, Trader Joe'sKroger, Lidl, PublixMcDonald's, Tyson Foods and Target.

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Johnson & Johnson's vaccine, developed by its pharmaecutical subsidiary Janssen, recently became the third to receive an emergency use authorization from the Food & Drug Administration and approval from the Centers for Disease Control and Prevention. Unlike previously approved vaccines from Pfizer and BioNTech and Moderna, the Janssen vaccine requires a single shot.

Johnson & Johnson began shipping their initial supply of 3.9 million doses to state health departments, pharmacies, federally qualified health centers and community vaccination centers across the country this week. The company expects to deliver enough single-shot vaccines by the end of March to vaccinate more than 20 million Americans, and 100 million single-shot vaccines during the first half of 2021.

An analysis by the FDA found that Johnson & Johnson's vaccine was about 67% effective in preventing moderate to severe cases within 14 days after dosing and 66% effective against severe to critical cases after 28 days. In addition, the vaccine was approximately 77% effective in preventing severe or critical COVID-19 occurring at least 14 days after vaccination and 85% effective in preventing severe or critical COVID-19 occurring at least 28 days after vaccination.

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 165.63 -1.05 -0.63%
PFE PFIZER INC. 39.06 -0.46 -1.15%
BNTX BIONTECH SE 173.00 +11.20 +6.92%
MRNA MODERNA, INC. 175.92 +6.42 +3.79%

Meanwhile, the Pfizer and Moderna vaccines were 95% and 94.1% effective, respectively.

According to the CDC, over 82.5 million COVID-19 vaccines have been administered in the Unite States as of Thursday.