Barclays is reportedly considering trimming its office space in the UK, the US, and India to cut costs, and as employees move to remote working in the wake of the Covid-19 pandemic.
Since the pandemic began earlier this year, nearly 75% of 80,000 Barclays employees have been working from home, Bloomberg reported.
Go deeper with GlobalData
The bank could announce the measures early next year, however, no final decision has been taken by the bank’s board yet.
In October, Barclays CEO Jes Staley said that the bank was assessing “actions to reduce structural costs,” and added that headquarters built for thousands of staff might become a “thing of the past.”
Barclays is headquartered in a 32-storey skyscraper in Canary Wharf, in the east London financial centre, the report added.
Its corporate and investment banking business operates separately in a nearby building.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCurrently, Barclays is under scrutiny for planning to further trim its branch network in the UK – a move that was already being examined before the pandemic.
Barclays’ branches in the UK has been reducing in recent years, and this may continue to happen, the Bloomberg report added.
In New York, Barclays is looking to move its traders and investment bankers to Hudson Yards, Manhattan, from the former Lehman Brothers property in Times Square.
In October, Barclays finance director Tushar Morzaria told the bank’s investors that “we probably have more real estate in London than I think we would ideally like, and I am talking about the head office or large buildings.
“Depending again on how the pandemic goes and how working behaviour goes, we may have too much in Manhattan as well.”
“We will be thoughtful and deliberate about what we need to do and when we need to do it.”
In the US, Barclays also operates in New Jersey, and in many cities across Britain and India.
No details regarding the closing of branches in India, or their locations, have been divulged.
Last month, Lloyds Banking Group (LBG) resumed its plans to permanently close 56 branches at Lloyds, Bank of Scotland, and Halifax, in a bid to slash costs.
