BlackRock joins Wall Street firms to cover employee travel costs in case of abortion: internal memo

black rock (noir), the world’s largest asset manager, is set to expand its health care plan to cover travel costs for U.S. employees seeking abortion services, according to an internal memo obtained exclusively by Yahoo Finance. .

The company joins a growing number of Wall Street firms making similar pledges after Friday. Supreme Court decision to overturn Roe v. Wade.

“Through company-sponsored health insurance, we have a long history of providing reproductive health care services, including coverage for birth control and abortion or miscarriage care,” wrote Manish Mehta, BlackRock’s global head of human resources, in an email to staff seen by Yahoo Finance on Monday evening.

“Starting July 1, our health plan will reimburse necessary travel costs incurred for reproductive services, as we do for other specialized care, such as transplants, cancer treatment and joint replacement. »

Earlier Monday, Jefferies Financial Group (I F) and Wells Fargo (WFC) have also each stated in communications to internal staff that they cover the travel expenses of employees wishing to have an abortion outside of states that have prohibited or restricted the procedure.

“Jefferies will, of course, join other companies in the United States that will cover the costs of any employee-partner if she decides to voluntarily terminate a pregnancy and is forced to do so in a state other than the one in which she lives” , said the general manager. Officer Rich Handler and President Brian Friedman said in a statement.

Additionally, Handler and Friedman have pledged to personally donate a combined $1 million to charities that “advocate for women’s rights.”

Wells Fargo specifically said it would expand its travel benefit to include “reimbursement for travel and accommodation expenses for legal abortion-related services” beginning July 1.

J. P. Morgan (JPM) and Goldman Sachs (GS) last week announced similar measures following Friday’s decision.

“We have extended our healthcare travel reimbursement policies to include all medical procedures, treatments and assessments, including abortion services and gender-affirming care when a provider is not is not available near where our employees live,” Goldman Sachs wrote in the memo to staff. obtained by Yahoo Finance on Friday.

Earlier this year, Citigroup (VS) became the first major bank to cover travel expenses for workers going out of state to have an abortion following restrictions in Texas – a decision that CEO Jane Fraser later clarified at the company’s annual meeting of shareholders was part of a “longstanding policy” and was not intended to be “a statement on a very sensitive matter”.

A growing number of companies have recently announced or reiterated their support for employees who may need abortion services in response to Friday’s ruling. Yahoo Finance is follow up answers here.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Click here for the latest stock market news and in-depth analysis, including events moving stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple Where android

Follow Yahoo Finance on Twitter, Facebook, instagram, Flipboard, LinkedInand Youtube

Leave a Comment