Citigroup is the first large U.S. bank to require its workers to get vaccinated against COVID-19.

In a post on LinkedIn, Sara Wechter, head of human resources for the company, said the vaccine mandate allows Citi to comply with President Biden's executive order that requires vaccinations for government contractors.

Wecher added that "having a vaccinated workforce enables us to ensure the health and safety of our colleagues as we return to the office in the U.S."

According to CNN, Citi will give workers $200 if they submit proof of vaccination by Dec. 8.

Employees will still be able to show proof of vaccination until Jan. 14 without facing consequences.

Wechter says exemptions for medical or religious reasons will be evaluated on an individual basis.