Here are 6 finance giants, including Deutsche Bank and Citigroup, which are embracing a hybrid work model as staff return to work

• Global banks and asset managers are turning to a hybrid work model as staff return to their offices.
• Vanguard is the latest to announce the most of its staff can mix working from home and in the office.
• Deutsche Bank, HSBC and Lloyds are also embracing a more flexible model.
• See more stories on Insider’s business page.

Vanguard Group is the latest bank to adopt a hybrid work model as it prepares to send staff back to the office, Bloomberg first reported on Tuesday.

Mostof its 17,300-person workforce will be able to work remotely on Mondays and Fridays, the Pennsylvania-based asset manager told Bloomberg.

“The pandemic has affected so many aspects of our lives, and how we work is one of them,” a spokesperson said in an email to Insider.

“Vanguard will pursue a working model that will blend increased flexibility with the known benefits of in-person collaboration.”

The vast majority of staff will work under a hybrid model, the spokesperson added.

Deutsche Bank

Deutsche Bank is planning to let employees work from home for up to three days a week.

A spokesperson from Germany’s biggest bank confirmed the plans to Insider. They said that “office space would function in a new way” and would be “designed and reinvested in” to support the new way of working.

James von Moltke, the bank’s chief financial officer, told Bloomberg on Wednesday that “it will really be up to the employee, but in a structured way with the manager so we know when people are expected to come to the office.”

He said its offices in London and New York could reopen in the next several months.

HSBC

HSBC CEO Noel Quinn said in April that the bank will have a more hybrid style of working once staff start returning to the office, where people can work both at home and in the office.

“Most of our roles could be done in a hybrid way – and that includes myself and the executive team of the Bank,” Quinn said in a LinkedIn post.

He also said that he and his leadership would work on “a fully open plan floor with no designated desks” when they return to the office.

Executives will no longer have their own offices on the 42nd floor of the Canary Wharf office in London. Instead, they’ll hot desk with other colleagues, he said.

“Having spent more than a year working from home, the last thing I want is to be stuck in an individual office when I return to the building,” Quinn said in the LinkedIn post.

Citigroup

Citigroup has made an effort to improve staff well-being during the pandemic by launching “Zoom-Free Fridays” and a “Citi Reset Day” once a year.

Now, it wants to implement a hybrid work model as it brings workers back into the office.

CEO Jane Fraser said in a March blog post that the majority of roles in the bank will become hybrid where staff can work from home for up to two days a week.

Fraser said there will also be jobs that will be classed as “resident,” meaning they can’t be done remotely, and other roles which will be designated as remote, although this will be rare, she added.

Lloyds Bank

Lloyds Bank plans to cut its office space by 20% over the next two years as more employees decide to work from home, according to a report from The Guardian.

Lloyds has 68,000 employees and 77% of them said in a company survey they wanted to work from home for three or more days a week, the Guardian reported.

Lloyds’ CEO António Horta-Osório, who stood down on April 30, told the newspaper that hybrid working could attract a broader pool of talent, including younger workers, who want a “better way of combining their personal preferences with their work obligations.”

Insider has reached out to Lloyds for comment.

JP Morgan

Jamie Dimon, CEO of JPMorgan Chase, told shareholders in a letter in April about his plan to make the company culture more flexible as staff return to the workplace.

“Many employees” will work in a location full time, “some employees” will work under a hybrid model, and “a small percentage of employees, maybe 10%, will possibly be working full time from home for very specific roles,” he wrote in the letter.

Despite increasing employee’s flexibility, Dimon warned that remote working had drawbacks. He said Zoom had a negative impact on decision making and new employees were disproportionately affected as they can’t meet anyone.

On Tuesday, Dimon said at The Wall Street Journal’s CEO Council Summit that remote work “does not work for young people … It doesn’t work for those who want to hustle.” 

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