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Barclays CEO Jes Staley dropped a bombshell but shouldn’t be a surprise.
With the way the world is working with decreased staff and many working from home and remote areas, hanging on to a huge building with and paying astronomical leases are gone the way of the bye-bye.
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On Wednesday, Staley said that the idea of placing 7,000 in a building could be a thing of the past, especially with the social distancing guidelines in place for the foreseeable future.
The bank, which like companies worldwide has seen the majority of its staff work from home or backup sites, will not revert fully to its pre-January working habits, Staley said.
“There will be a long-term adjustment in how we think about our location strategy…the notion of putting 7,000 people in a building may be a thing of the past,” he told reporters after the bank reported a fall in first-quarter profits.
Staff including investment bankers could work instead from branches as well as other locations, he said.
Barclays plans to reopen its Hong Kong office first before other Asian hubs such as Singapore and Tokyo, and then Europe, Staley said.
Social distancing rules will limit how many workers can return and impose restrictions, such as limiting elevators to two people at a time, he said.
BREAKING:
*BARCLAYS REPORTS A 42% PLUNGE IN FIRST QUARTER NET PROFIT, SETS ASIDE $2.6 BILLION TO COVER POTENTIAL LOAN LOSSES DUE TO #CORONAVIRUS pic.twitter.com/mdMMUFkNDJ
— Investing.com (@Investingcom) April 29, 2020
Flexible working will be norm after lockdown, say Barclays and WPP bosses https://t.co/LsbcI6yF7E
— The Guardian (@guardian) April 29, 2020
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This piece was written by Wayne Dupree on April 29, 2020. It originally appeared in WayneDupree.com and is used by permission.
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