Barclays CEO: ‘Putting 7,000 people in a building may be a thing of the past’

Barclays CEO Jes Staley on Wednesday said that the coronavirus pandemic could permanently change how banks and their employees conduct business in the future.

“There will be a long-term adjustment in how we think about our location strategy … the notion of putting 7,000 people in a building may be a thing of the past,” Staley told reporters, according to Reuters.

The massive British bank on Wednesday reported a 42 percent drop in profit from this time last year, as the pandemic has forced the majority of the company’s employees to work from home.

Staley said that Barclays won’t fully return to its pre-pandemic work habits, as social distancing will dictate how many employees can return to work. He noted that some workers, such as the company’s investment bankers, can work from branches and other locations.

The CEO explained Barclays plans to reopen its Hong Kong office first before other Asian offices in Singapore and Tokyo, with European openings coming later.