Wells Fargo, Schwab put Covid-19 vaccine plans in place

Wells Fargo & Co. and the Charles Schwab Corp. are the latest large firms that work with thousands of financial advisers to make plans for employees or work with local officials to ease the introduction of Covid-19 vaccines.

Wells Fargo told employees last Thursday in a memo from its head of human resources, David Galloreese, that it was encouraging employees to get one of the new vaccines by giving them time off to do so. Meanwhile, Charles Schwab has been approached by some local health authorities to support vaccine distribution.

Wells Fargo is encouraging but not requiring employees to get the Covid vaccine, according to the memo. "Effective March 8, Wells Fargo is providing a new COVID-19 vaccine paid time away program," Galloreese wrote. "All employees globally who choose to get the vaccine may work with their managers to schedule up to eight hours of paid time off for their appointments."

The bank is also expanding Covid testing for its employees, according to the memo.

"We have been approached by some local health authorities to support vaccine distribution" in a suburb of Denver, a Schwab spokesperson said. "We are pleased that we will be able to provide use of some of our parking lot space in Lone Tree to COVID Check Colorado to set up a temporary vaccine distribution site."

He added that vaccine eligibility is determined by local health authorities and is by appointment only.

Last week, InvestmentNews reported that Fidelity Investments was also in discussions with local officials about COVID vaccine plans as it figures out any potential role in such a program.

"The employer part of the program is on pause dues to supply issues on the state’s end," a Fidelity spokesperson said Monday morning. "We hope that in the next few weeks the state will be able to restart this and we would be able to participate within state guidelines with our employees, meaning currently only those age 65-plus, at our Boston headquarters."