JPMorgan Chase will hold its annual healthcare conference virtually after multiple attendees backed out over rising COVID-19 concerns.

The bank had planned to hold its 40th annual meeting in San Francisco next month, and many regard it as one of the largest gatherings of healthcare executives in the world. But attendees were told Wednesday that it will now take place in an online-only format, CNBC reported.

“The health and safety of our clients and employees is of the utmost importance and given the ongoing COVID-19 pandemic, we have made this decision,” JPMorgan said in emails obtained by CNBC. “We were not only hopeful to meet in person but also understand how much this conference means to the San Francisco community, which we fully support.”

Biotech behemoths Moderna and Amgen both recently pulled out of the conference without giving explicit reasons.

The conference had mandated that attendees be vaccinated and masked while indoors, but in past years the host hotel had been so packed individuals were forced to use parks, department stores and bathrooms to hold meetings, according to CNBC.

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