Deutsche Bank asks London staff to work from home

The City of London could be on the verge of becoming a ghost town again after companies started telling thousands of employees to work from home in response to the latest UK government guidelines.

Deutsche Bank AG will significantly reduce the number of employees working in the office starting Monday, according to a person familiar with the matter. The provisions will be similar to those at the beginning of the pandemic, when most staff worked from home, with exceptions for negotiation teams or those with personal circumstances who had to attend the office.

The German bank employs around 8,000 people in the UK and is building a new London headquarters in Moorfields, due to open in 2023.

Around the corner from the German firm’s current City headquarters on Great Winchester Street, the NatWest Group Plc Bishopsgate office has already implemented new guidelines. The British lender “interrupted his gradual return to the workplace and instructed his colleagues to work from home whenever possible,” said a spokesperson, although some employees will continue to work in offices and branches for operational, regulatory reasons. or personal.

NatWest’s 50,000 employees nationwide began working more flexibly this year, with the bank saying in June that only 13% were expected to come to the office full-time after the pandemic.

The changes come after British Prime Minister Boris Johnson tightened anti-pandemic rules to curb the spread of the omicron variant.

As of Monday, the government’s guideline is to work from home if you can. Even before the rules came into force, fear of the variance caused some City workers to stay further and further away.

The rollback of back-to-work policies is mirrored by some Wall Street companies, such as Jefferies Financial Group Inc., which on Wednesday told staff they should stay home and said it will require employees to get vaccinated before the end of the month. January.

Although the change was expected in London given the increase in the number of cases, it is another blow for struggling companies in the City, which saw human trafficking drop almost to zero during previous closures.

“Christmas has been canceled for many City stores, restaurants, pubs and other businesses that rely on the influx of workers in nearby offices,” said Catherine McGuinness, president of policy for the City of London Corporation.

“We will urge City businesses, workers and residents to follow the new rules. But we also ask the government to establish a clear roadmap towards normality at the beginning of the new year and to base all decisions on data, “he added.

It is not only office work that is affected. Despite the latest government guidelines allowing parties, Deutsche Bank is also discouraging social gatherings at work, said the person, who asked not to be identified when discussing non-public information.