Barclays to wrap up real estate review ‘in coming months’

Barclays expects to finish a review of its real estate footprint “in the coming months”, as corporate occupiers continue to rethink their property needs. The bank told investors in its first-quarter results presentation to expect “further structural cost actions”, singling out its real estate review as a key initiative. Earlier this week, HSBC said it will cut its office space by 3.6m sq ft, or 20%, by the end of this year as part of plans to reduce the portfolio by 40% over the long term. Other banks aiming to scale back their property include Santander, which has mandated Colliers to run a disposal programme across its UK branch and office network. Barclays chief executive Jes Staley is one of several bank bosses to have criticised the effectiveness of staff working from home during the pandemic. Goldman Sachs chief executive David Solomon referred to remote working as “an aberration” earlier this year, saying staff should be back at their desks “as soon as possible”. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette