Sept 14 (Reuters) - The biggest banks in the world plan to
reopen their offices, emboldened by aggressive vaccination
drives and falling COVID-19 cases in major financial hubs, after
sending most employees home early last year to help stem the
spread of the coronavirus.
The COVID-19 Delta variant's spread is prompting some firms
to rethink their back-to-office plans, but many of Wall Street's
biggest banks are sticking to their decision to bring back
Here is the state of play with back-to-office plans in
Wells Fargo & Co
The bank has pushed back its U.S. return-to-office date to
Goldman Sachs Group Inc
The bank planned to bring U.S. employees back to the office
JPMorgan Chase & Co
The largest U.S. bank has brought back employees in the
United States to the office on a rotational basis from July.
The bank expects vaccinated employees in New York, Chicago,
Boston, Philadelphia and D.C. to start working from office for
at least two days a week starting Sept. 13.
For other corporate offices across the United States, Citi
will continue to monitor data.
The bank's chief executive officer, James Gorman, said if
most employees are not back to work at the bank's Manhattan
headquarters in September, he will be "very disappointed."
Gorman said his bank's policy will vary by location, noting
the firm's 2,000 employees in India will not return to offices
Bank of America Corp
The bank will only allow vaccinated staff to return to its
offices in early September, while encouraging other employees to
CEO Jes Staley has said the bank will adopt a hybrid working
model and will reduce its real estate footprint but maintain its
main offices in London and New York.
HSBC has adopted a new hybrid working model, with a 10%
reduction in its global real estate footprint since the start of
HSBC has said it plans to cut its global office footprint by
around 40%. The lender moved 1,200 call center staff in Britain
to permanent home working contracts, Reuters reported in April,
going further than some rivals in cementing changes to working
Lloyds Banking Group
Britain's biggest domestic bank expects there will be three
ways of working - at home, in the office, or a combination of
the two - from October.
The lender has said it plans to cut 20% of its office space
over two years.
StanChart said it will make permanent the flexible working
arrangements introduced during the pandemic, and that it could
cut a third of its office space in the next three to four years.
Nine of the bank's markets, including the UK, have been on
flexible working contracts for a few months.
CEO Alison Rose has said the bank is likely to adopt a
hybrid working model, but has stressed offices will remain
important as a place to bring people together to collaborate.
The bank will adopt its new ways of working over the summer,
with the majority of staff in England and Wales expected to be
back in the office from September, dependent on government and
public health advice, a spokesperson said.
Deutsche Bank in London had plans to bring more staff back
from June 21, assuming the city's lockdown restrictions were
loosened, according to a person with knowledge of the matter.
Germany's largest lender has also told its U.S. investment
bankers that it expects them to resume working from office no
later than Labor Day, according to a memo seen by Reuters. The
bank earlier said it was following a regional approach to the
pandemic and return to the office issues, reflecting the
different situations in individual countries.
Credit Suisse in July 2020 launched a global program
evaluating various work-from-home options. It has been
monitoring and adapting work arrangements since launching
work-from-home globally in March 2020, taking into account local
UBS Chairman Axel Weber in May said flexibility would remain
part of work arrangements at Switzerland's biggest bank going
forward, where roles allow. Return-to-office plans vary from
region to region, in accordance with local government
Bank of Canada
The central bank will allow most of its staff to remotely
clock in as much as half of their working hours once public
health guidelines allow it to fully reopen offices, a
The bank expects to bring back many employees after summer,
but it does not see conditions returning to normal until 2022,
according to a Bloomberg News report. https://bloom.bg/3kL8Dj2
Royal Bank of Canada
The country's largest lender, is exploring a flexible and
hybrid work arrangement to bring its employees back to the
office, Chief Executive Officer David McKay said.
Canadian Imperial Bank of Commerce
CIBC plans to begin a phased return to office starting this
fall for employees who have been working remotely.
For a small number of staff, the move back could start in
September, while for others, returns will be staggered from
October into the first quarter of next year, a spokesperson
Source: Company statements, memo, sources
(Reporting by Noor Zainab Hussain, Niket Nishant and Sohini
Podder in Bengaluru, Iain Withers and Lawrence White in London,
Tom Sims in Frankfurt and Oliver Hirt in Zurich, and Matt
Scuffham and Elizabeth Dilts Marshall in New York, Nichola
Saminather in Toronto; Editing by Anil D'Silva, Ramakrishnan M.,
Shinjini Ganguli and Vinay Dwivedi)