American banking giant Wells Fargo is encouraging its employees to get vaccinated as Covid-19 continues to rage across the world.

According to an internal memo, the financial services company, which has one of the largest banking workforces in the US, will also provide up to an eight hour break to enable its employees across the world to get inoculated.

In the memo, Wells Fargo human resources head David Galloreese was quoted as saying: “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.”

Additionally, Wells Fargo has also decided to expand its free coronavirus testing programme for employees.

Employees can test for Covid-19 at the bank’s 25 largest hubs or can request self-testing kits from the company to get tested at home.

According to Bloomberg, the bank had 268,531 employees at the end of last year.

In January, Wells Fargo unveiled plans to reduce costs to the tune of $8bn over a period of four years through organisational restructuring, additional branch and job cuts and trimming office space.

It further expects to achieve nearly half of the $8bn in cost savings in the fiscal of 2021.

The announcement came after the banking group reported a 10% drop in Q4 2020 revenue. However, its net income increased 4% year-on-year to $2.99bn.