Some firms force staff into tight(er) squeeze

The pressure on banks to squeeze every possible pound from their businesses has forced some firms to downsize their offices, in some cases requiring staff to share desks to make the most of their space.

The Daily Telegraph reports that financial firms have prompted a flurry of activity for central London estate agents, with leasing to these companies up 4.9% on the ten-year average, according to CBRE.

Several banks are moving staff out of the capital to save on costs, including HSBC, which is shifting 1,000 people to Birmingham as it splits off its retail banking operations.

Others, such as Deutsche Bank, are moving some teams to Canary Wharf while migrating parts of the business to Victoria, away from the race for space in the City and Mayfair.

As well as these steps to scale back rental bills, organisations are experimenting with desk-sharing and other ways to boost the current "desk utilisation" rate from 65%, CBRE said.

To access the complete Daily Telegraph article hit the link below:

Bankers to share desks as part of financial world's cost-cutting

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