JPMorgan says it's banning business travel for unvaccinated staff and will soon deduct extra pay for COVID-19 tests and health insurance: report

• JPMorgan said it's banning business travel for unvaccinated employees, Bloomberg first reported.
• The bank also said it would deduct extra pay from unvaccinated staff to cover COVID-19 tests.
• Vaccines were now mandatory for new hires in some roles, JPMorgan wrote in the memo, per Bloomberg.

JPMorgan is set to ban business travel for unvaccinated employees and deduct a larger cut of their pay than normal to cover COVID-19 tests, Bloomberg first reported on Monday.

US employees who aren't vaccinated against COVID-19, or who haven't disclosed their vaccination status to the company, also won't be able to attend in-person meetings, the bank wrote in an internal memo seen by Insider on Tuesday.

The higher payroll deductions, to cover testing as part of health insurance costs, would start next year, but the rules around meetings and travel were immediate, the bank said in the memo. The rules don't apply to branch workers.

"Clients are increasingly asking us to ensure meetings are restricted to vaccinated employees," the bank wrote in the internal memo. "We agree with medical authorities that being vaccinated is the best way to protect yourself, loved ones, colleagues and communities from the virus."

New hires in client-facing roles, or job requiring business travel, must be vaccinated, JPMorgan said in the memo.

Unvaccinated staff must be tested for COVID-19 twice a week, JPMorgan said in the memo.

JPMorgan hasn't made vaccines mandatory, but has told its US staff to register their vaccine status on an internal web portal by the end of June, CNBC reported. "We strongly urge all of our employees to be vaccinated because we think it protects you, your friends and family, your fellow employees, and the community at large," the bank said in a memo, which was also seen by CNBC.

In August, the banking giant said it would require all US employees to wear a mask in their offices, regardless of their vaccination status, Reuters reported.