Lloyds Banking Group has set its sights on a 20% reduction in office space by 2023, including plans to ditch 8% this year.
The bank said in its full-year results update that this strategy will help it deliver “sustainable” and “efficient” workplace solutions.
Pretax profit plummeted by 72% to £1.2bn during 2020, mainly driven by a £4.2bn provision to cover bad loans arising from the pandemic.
Property transformation, head office and retail branch rationalisation cost the bank around £146m, up 21% on the previous year.
The bank highlighted that 77% of its employees want to continue working from home for three or more days per week in the future.
Around 45% of its office leases are up for expiry over the next five years.
The news comes a day after HSBC outlined plans to slash its global property footprint by around 40%.
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