LONDON (Reuters) – Standard Chartered STAN.L will make permanent flexible working arrangements for most employees that were put in place during the coronavirus pandemic, she said Thursday.
The bank focused on Asia, Africa and the Middle East said it aims for around 50% of its markets, comprising around 70% or 60,000 of its employees, to be able to adopt hybrid working methods by the end of 2021.
This would mean that these employees can choose to work entirely from home, entirely in offices, or a mixture of the two.
The bank said it aims to offer flexible working for 90% of its staff by 2023, although some will need to work full-time in offices given the nature of their roles.
StanChart’s decision to formalize flexible working habits is one of the most tangible signs to date from a major bank of how lenders are rushing to embrace new ways of working imposed on them by the pandemic.
With technology platforms making working from home more efficient than many lenders anticipated, they are seizing the opportunity to cut costs on expensive city real estate and support staff who prefer such arrangements.
Reporting by Lawrence White, editing by Iain Withers