Lloyds Bank is asking most of its 65,000 employees to work from home until spring begins with a new coronavirus blow for the city
- Lloyds Bank has ordered most of its 65,000 employees to work from home by spring
- ONEAround two thirds work from home, but the branch staff serve customers
- You should stay away from the office for at least the next five months
Lloyds Bank has instructed most of its 65,000 employees not to work from home until spring at the earliest.
She is said to be away from the office for at least the next five months after the government asked employees to work remotely if possible.
The bank's move will be a blow to the City of London, which employs thousands.
Lloyds Bank has ordered most of its 65,000 employees not to work from home until spring at the earliest. A bank branch is shown above
About two-thirds work from home, but the staff still serve customers in the 890 branches.
Lloyds said: "In accordance with instructions from the UK and national governments, and given that the majority of our colleagues work from home, we have asked them to continue this at least until spring."
However, the relocation of large businesses from home heightened fears of another recession.
Catherine McGuinness, Chair of the City of London Political Committee, said it was important to get people back to offices to support the economy, adding, “My big fear is … we might see the economy over winter freezes right when we need job saving recovery.
Banks bonus bonanza from pandemic
Banks increase their bonus pots as city traders make huge profits from the turmoil in the markets.
Barclays has increased its cash stacks for bonuses to £ 745 million this year – almost a tenth more than in the same period in 2019.
American investment banks with thousands of employees in the UK, including Goldman Sachs, JP Morgan and Morgan Stanley, have also reserved larger bonus pools this year. Investment banks have pocketed heavy fees for helping companies raise money for the weather coronavirus.
Banks will finalize bonus payouts by the end of the year, but any sign of bumper bonuses during the Covid crisis is likely to be controversial. It will also upset UK bank shareholders, whose dividends were suspended in March.
The Bank of England will decide later in the year whether dividends can resume. Banks should drop them to protect themselves from an economic storm.
“I'm very concerned about the supporting businesses – the bars, the cafes, the hairdressers – and how they're going to survive.
"The economic impact will be phenomenal if we're not careful."
Chris Williamson, an economist at consultancy IHS Markit, warned: "The pace of economic growth slowed in October to its weakest since the recovery from national lockdown began."
Other large companies are closing offices or asking employees if they want to work from home forever.
Consulting firm Deloitte could close four offices where 500 people would work from home, and investment manager Schroders told its 5,000 employees around the world in August that they could work where they wanted.