- TD, the Royal Bank of Canada, Scotiabank, Bank of Montreal and the Canadian Imperial Bank of Commerce will require employees to get vaccinated before returning to the office, Reuters reported Friday.
- Kenn Lalonde, TD's chief human resources officer, told employees in an email Friday that "effective November 1, 2021, full vaccination of an approved COVID-19 vaccine will be a requirement for all TD colleagues entering the TD workplace," the CBC reported. Peer banks are pursuing similar timelines.
- Vaccine restrictions across Canada are becoming increasingly stringent; all Canadian federal employees must get vaccinated before the end of October, and now all citizens who travel by domestic trains, planes and ships must be vaccinated.
On both sides of the U.S.-Canada border, a growing number of financial institutions are mandating their workers get vaccinated. Last week, the concerning rise in COVID-19 cases brought on by the delta variant prompted several large Canadian banks to fine-tune their vaccine policies.
Four of Canada’s five largest banks — TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce, will demand staff get vaccinated this fall, according to Bloomberg. The fifth, Scotiabank, has not yet set a definitive date, but the company is "moving in the direction of making vaccinations mandatory for all Canadian-based employees," Barb Mason, the bank's chief human resources officer, said.
Internal memos indicate that the Royal Bank of Canada, the Canadian Imperial Bank of Commerce and Bank of Montreal will require proof of vaccination before Oct. 31, Bloomberg reported.
TD, meanwhile, told employees via email they must divulge their vaccination statuses by Sept. 30, and all staffers are expected to return to the office fully immunized by Nov. 1. It is still nebulous whether or how TD bankers who refuse the jab will be penalized, but the email indicated that, beginning Nov. 1, "there will be additional protocols for colleagues who are still not fully vaccinated, or have not disclosed their vaccination status, including the completion of a learning module about the benefits of vaccination, mandatory COVID-19 rapid testing, and the wearing of a face covering at all times."
Large U.S. banks such as Citi and Morgan Stanley rolled out vaccine mandates this summer. Citi employees based in New York City, Chicago, Boston and Philadelphia must all get the jab before returning to the office Sept. 13. A Morgan Stanley memo this month confirmed the bank will require employees working on company premises to show proof of vaccination by Oct. 1.