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Gloucestershire Business News

Lloyds investigates reducing its properties

Lloyds Banking Group is looking at ways it can reduce its property footprint in the wake of staff working from home during the coronavirus pandemic.

Lloyds sold its offices in London's Gresham Street to China's Hengli Investments in a 2017 believed to be worth £160million, agreeing a 20-year leaseback deal.

One of its main regional centres is at Barnwood.

People and property director Matt Sinnott said: "In the longer term we will be working to understand what the future of work and the office looks like, which will also help to inform our decisions.

"Our priority is the health, wellbeing and safety of our teams and we will be engaging with them on their preferred future working arrangements, while also building on our agile and flexible ways of working that we have been using for some time.

"This is a new situation for us, and we don't have all the answers right now, but I hope that it will give us an opportunity to reset and improve the way we work for the future."

According to The Sunday Times, he sent a memo to employees which explained Lloyds would "need fewer buildings and different types of spaces".

The Financial Conduct Authority has warned that working from home carries difficulties for banks surrounding the handling of sensitive information.

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