40% of bank execs plan to reduce real estate footprint: survey

Many financial firms considering 3-days-in-office, 2-days-remote model

TRD NATIONAL /
Jul.July 21, 2020 10:01 AM
A survey by professional services firm Accenture found that about 61% of bank executives don’t expect to call all employees back to the office, and more than 40% of those surveyed are also planning to reduce their real estate footprints accordingly. (iStock)

A survey by professional services firm Accenture found that about 61% of bank executives don’t expect to call all employees back to the office, and more than 40% of those surveyed are also planning to reduce their real estate footprints accordingly. (iStock)

While banks have begun the slow, careful process of returning employees to the office, most executives aren’t expecting everyone to come back.

A survey by professional services firm Accenture found that about 61 percent of bank executives don’t expect to call all employees back to the office. And more than 40 percent of those surveyed are also planning to reduce their real estate footprints accordingly.

Many firms are considering a model in which employees come into the office three days a week and work remotely the other two, as some aspects of the office environment are difficult to replace.

“One of the things the traders have said they miss is that informal dialogue and idea sharing that happens,” Accenture’s capital-markets practice head Laurie McGraw told Bloomberg.

“All of that is gone now. You talk with the people that are on your meeting schedule for the day for the most part. And the fluidity of idea exchange is missing in a lot of cases.”

Earlier this month, JPMorgan Chase had to pause plans to return workers to the office in Columbus, Ohio, as cases in the state jumped. Citigroup says it is unlikely to return even half of its workers to the office until a vaccine is available.

For office landlords, increased space requirements per employee may offset the decreased number of employees somewhat.

“They’re having to shut down every other desk, and the traders on the trading floor are all spread out,” McGraw said. “You almost need the same amount of space to bring half your staff back in a socially distant way.” [Bloomberg] — Kevin Sun


Related Articles

arrow_forward_ios
Homebuyers have flocked to Bronzeville (Credit: Google Maps)

Chicago homebuyers head to Bronzeville for more space

Chicago homebuyers head to Bronzeville for more space
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Deutsche Finance America managing partner Jason Lucas and Michael Shvo, with 333 South Wabash

What tenants are paying at Shvo and Deutsche Finance’s “Big Red” building

What tenants are paying at Shvo and Deutsche Finance’s “Big Red” building
Mayor Lori Lightfoot (Getty, iStock)

Developers wanted: Chicago looks to transform struggling commercial districts

Developers wanted: Chicago looks to transform struggling commercial districts
Chicago mayor Lori Lightfoot and boarded up stores along Michigan Avenue (Credit: Jonathan Daniel/Getty Images, and Scott Olson/Getty Images)

Chicago’s $100M small biz loan fund has only distributed $17M

Chicago’s $100M small biz loan fund has only distributed $17M
Sandeep Mathrani, 1155 W. Fulton and 1114 W. Fulton (Credit: Google Maps and John Sciulli/Getty Images for Bloomingdale's)

Exit strategy: WeWork eats Fulton Market leases

Exit strategy: WeWork eats Fulton Market leases
Cook County Sheriff Tom Dart urged Gov. J.B. Pritzker to extend the eviction moratorium, which is set to expire on Aug. 22. (Dart by by Scott Olson/Getty Images; iStock; Wikipedia Commons)

250K Cook County households face eviction when ban expires, sheriff warns

250K Cook County households face eviction when ban expires, sheriff warns
Optima CEO David Hovey Sr. and 220 E. Illinois Street (Hovey via Optima; Google Maps)

Chicago developer converts space into “Pandemic pod” classrooms

Chicago developer converts space into “Pandemic pod” classrooms
arrow_forward_ios

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

Loading...