Lloyds to move thousands back into refurbished City of London HQ

LLOYDS Banking Group is moving thousands of staffers back into a refurbished building in the heart of the City of London as the lender looks to reduce its office footprint by the end of this year.

The lender is planning to reopen its offices at 33 Old Broad Street in November after spending 18 months renovating the space, according to a statement. The building will be the banking giant’s new head office and ultimately house 5,000 staffers.

With the move, Lloyds will shutter its offices at 125 London Wall, meaning employees in the capital will now work across just three locations – the renovated Old Broad Street office as well as the company’s outposts at 10 Gresham Street and 25 Gresham Street. Since 2022, Lloyds has been whittling down the amount of office space it occupies as it seeks to reduce that footprint by about 30 per cent.

“A vital part of our strategy is having the right spaces in the right places for our people and our new head office will bring teams together to thrive,” Sharon Doherty, Lloyds’ chief people and places officer said in the statement.

Lloyds is one of many financial firms that has been able to shed office space in the aftermath of the pandemic, which ushered in a new era of remote work. For those staffers that are permitted to work a hybrid schedule, they are expected to be in the lender’s building at least two days a week.

A growing number of financial firms have opted to open new offices in the ancient City of London district. For instance, HSBC Holdings and law firm Clifford Chance have said in recent years they’re leaving the Canary Wharf neighbourhood in order to take up new space in the City. REUTERS