Barclays boss: Big offices ‘may be a thing of the past’

Barclays boss: Big offices ‘may be a thing of the past’
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Having thousands of bank workers in big, expensive city offices “may be a thing of the past”, Barclays boss Jes Staley has said.

About 70,000 of Barclays’ staff worldwide are working from home due to coronavirus lockdown measures.

This had led to a rethink of the bank’s long term “location strategy”, Mr Staley said.

It came as Barclays warned the pandemic could cost it some £2.1bn due to customers being unable to repay loans.

In recent years, banks worldwide have shifted staff away from expensive skyscrapers in financial hubs, but Barclays and its rivals still have busy offices in places such as London’s Canary Wharf.

But Mr Staley said his bank was re-evaluating how much office space it needed, as it was now being run by staff working “from their kitchens”.

He added that in the future retail branches could be used by investment banking and call centre workers, hinting at an end to long commutes for some workers.

“There will be a long-term adjustment to our location strategy,” Mr Staley told reporters. “The notion of putting 7,000 people in the building may be a thing of the past.”

Source: BBC

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