Lloyds bank to reduce the number of offices it uses with remote working becoming the new normal

Lloyds bank job loses

Lloyds Bank has signalled it could shrink its property footprint after the lockdown.

Matt Sinnott, people and property director at Lloyds, said in a memo that it was likely the bank would “need fewer buildings and different types of spaces” after the crisis because of “changes to the way we work”. His comments are the latest indication that commercial landlords could suffer in a world of more remote working and video calls.

Sinnott said that Lloyds had “a great opportunity to repurpose our office to reflect new work styles”.

The review could lead to the closure of some offices, although it is understood no decisions have yet been made. “This is new for us, and we don’t have all the answers right now, but I hope it will give us an opportunity to reset and improve the way we work,” said Sinnott.

Lloyds sold its City base on Gresham Street in 2017 to Chinese investor Hengli Investments Holding in a leaseback deal. The bank was already trying to consolidate its properties in six areas, including southwest England, Scotland and London, before Covid-19.