Lloyds Banking Group plans a 30% cut to its office footprint by 2024 as the company embraces hybrid working.
In its annual report, published today, the FTSE 100 group said it would make a “significant reduction” in its office space “in line with hybrid ways of working and transformed workspaces”.
A year ago, the company had said a fifth of its office space was likely to be cut by 2023.
In its latest report, the bank acknowledged that the Covid-19 pandemic had introduced “fundamental changes in how people work”.
“The board understands that both the physical and technological workplace need to change to align to colleague needs now and in the future,” the report said. “It has supported the acceleration of activity under the Future Workplace programme to transform office workspaces and deploy modern workplace technology enablers for new ways of working.”
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