Singapore’s DBS Group is reportedly set to reduce its office space in the city state driven by the impact of the Covid-19 pandemic.
Plans are on to relinquish around two and half floors in Tower 3 of the Marina Bay Financial Centre (MBFC) in December, reported Bloomberg citing people familiar with the issue.
These floors are said to encompass an area of 75,000 square feet.
DBS is the anchor tenant at Tower 3, part of a three-tower complex managed by Raffles Quay Asset Management.
Overall, DBS occupies over a dozen floors in the building.
In November 2020, it was reported that DBS will allow all its employees around the world to work from home and office alternatively.
To deal with the “massive changes” triggered by the pandemic, DBS has allowed its staff to work remotely for up to 40% of the time, Bloomberg reported in November.
In the same month, Japan’s Mizuho Financial Group too reportedly decided to cut its office space in Singapore as the remote working policy yielded better than expected results.
Recently, DBS also surrendered office space in Hong Hong with so many employees still working remotely.
However, last month, CEO Piyush Gupta said that employees need to go to the office sometimes to “build the soul of the company.”
Moreover, Citigroup is surrendering three floors to optimise its real estate.
Similar approaches have been adopted by banks all over the globe as Covid-19 continues to upend markets.
Recently, a report said that HSBC will give over 1,200 call centre employees in the UK permanent home working contracts.
This February, it was reported that Standard Chartered will surrender several floors in its main offices in Hong Kong in a bid to lower costs.
Last December, a report said that Barclays is considering trimming its office space in the UK, the US, and India to cut costs.