Several major financial institutions in London’s financial district have tightened remote work policies. Panmure Liberum, Deutsche Bank, UBS, Peel Hunt, Santander, and Man Group are among those requiring staff to be in the office four or five days per week, reducing or eliminating the optional remote days previously allowed.
According to Financial Times, about 15% of UK firms have increased mandatory office attendance since pandemic-era norms eased. Peel Hunt has moved to a four-day office week, Man Group to five days, and Santander is treating full-time presence as the default—whereas Barclays and HSBC are scrambling to secure more desk space amid office shortages.
Capacity crunch challenges remote reversals
As banks pull employees back, they’re facing practical challenges. Barclays has turned its Shoreditch co-working “Eagle Lab” into overflow space, while HSBC and JPMorgan are leasing additional offices to accommodate workers. Vacancy rates for grade-A buildings in central London have tightened to record lows, putting pressure on commercial real estate
Risk of employee attrition grows
Mandating in-office attendance brings retention risks. Surveys report many workers may leave rather than give up flexibility. While midweek commuting rates approach pre-pandemic levels, this shift could cause disillusionment especially among professionals who value remote freedom.
Balancing operational needs and flexibility
Industry experts suggest a middle path, requiring three to four days in office could maintain collaboration without alienating staff. London’s banks are testing this balance as they recalibrate hybrid strategies to reflect current labor market expectations.
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