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 09:31 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
    Tower 535 in Hong Kong and WeWork CEO Sandeep Mathrani (Photos via SOM, Getty)
    WeWork exits first Hong Kong location as part of global downsizing
    WeWork exits first Hong Kong location as part of global downsizing
    The announcement makes Google one of several tech companies that will let workers return to the office sooner than later. (iStock, Google)
    Google will bring some employees back to offices this month
    Google will bring some employees back to offices this month
    Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
    Weird flex but OK: How CRE giants hope to cash in on the future of the office
    Weird flex but OK: How CRE giants hope to cash in on the future of the office
    Target CEO Brian Cornell (Getty, iStock)
    Target moves to hybrid work-from-home model for corporate office
    Target moves to hybrid work-from-home model for corporate office
    Though landlords aren’t quite ready to say goodbye to their offices, employees are, according to a new survey by JLL. (Getty)
    Sorry, boss: 72% of workers don’t want to return to offices full-time
    Sorry, boss: 72% of workers don’t want to return to offices full-time
    Yelp is expected to sublease some of their current offices. (Yelp, Getty)
    Yelp employees may work remotely forever
    Yelp employees may work remotely forever
    Donald Trump and Rosemary Vrablic (Getty/Illustration by Kevin Rebong for The Real Deal)
    Real estate deal prompted resignation of Trump’s longtime banker
    Real estate deal prompted resignation of Trump’s longtime banker
    Simon Property Group CEO David Simon and Town Center at Cobb Mall (Getty, Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
    A Simon mall falls to foreclosure
    A Simon mall falls to foreclosure
    arrow_forward_ios

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

    Loading...