Deutsche Bank eyes hybrid model while JPMorgan plans office return

HSBC to shed space; Dimon wants workers back this summer

National /
Apr.April 28, 2021 09:27 AM
Deutsche Bank Chief Financial Officer James von Moltke (Getty)

Deutsche Bank Chief Financial Officer James von Moltke (Getty)

More bad news for commercial landlords: Deutsche Bank is considering return-to-office plans that would make it one of the most flexible employers among large international banks.

Under the proposal, employees would be able to work from home up to three days a week, Bloomberg News reported. The bank is also “moving to provide our employees some additional flexibility in hybrid working models,” Chief Financial Officer James von Moltke told Bloomberg Television Wednesday.

Though location-specific plans have yet to be made, they will likely have an impact on Deutsche Bank’s real estate assets. The lender said in its quarterly report Wednesday that it expects “further savings” from the accelerated “rationalization of its real estate portfolio.”

Other banks have made similar moves. HSBC, which announced a hybrid model for work in February, said this week that it expects to cut its office footprint 20 percent this year and 40 percent in the long term.

Not every boss will let workers continue in sweatpants. JPMorgan Chase CEO Jamie Dimon just announced that the company’s entire U.S. workforce must return to the office in about two months. He has urged the rest of the industry to follow suit.

But even Dimon’s workers will not be coming in five days a week. In his annual letter to shareholders this month the CEO said the bank would “significantly” reduce its office space to about 60 desks per 100 workers.

[Bloomberg] — Sasha Jones





    Related Articles

    arrow_forward_ios
    Crescent Real Estate chairman John Goff and Crescent Court (Crescent)
    Here’s what tenants pay at the Crescent mixed-use tower in Dallas
    Here’s what tenants pay at the Crescent mixed-use tower in Dallas
    Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue)
    CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
    CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
    525 Market Street, Amazon CEO Jeff Bezos, Sephora CEO Martin Brok and Wells Fargo CEO Charles W. Scharf. (Getty, Keating Architecture)
    Here’s what tenants pay at 525 Market Street in San Fran
    Here’s what tenants pay at 525 Market Street in San Fran
    Hines chairman and CEO Jeff Hines with 609 Main in Houston, Texas (Hines)
    Here’s what tenants are paying at Hines & CalPERS’ 609 Main
    Here’s what tenants are paying at Hines & CalPERS’ 609 Main
    SL Green CEO Marc Holliday (Getty, Sl Green)
    SL Green shareholders cry foul on CEO bonus
    SL Green shareholders cry foul on CEO bonus
    Facebook CEO Mark Zuckerberg with 770 Broadway and Hudson Yards (Getty, VNO, iStock)
    Facebook’s NYC offices will open to employees in July
    Facebook’s NYC offices will open to employees in July
    Deutsche Bank CEO Christian Sewing (Getty Images)
    Time Warner Center is now the Deutsche Bank Center
    Time Warner Center is now the Deutsche Bank Center
    WFH-feature
    The return to the workplace is re-shaping the workspace
    The return to the workplace is re-shaping the workspace
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...