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STANDARD CHARTERED PLC

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Banks in Britain ask staff to return to offices

01/20/2022 | 08:23am EDT
FILE PHOTO: People walk past a Citibank branch during the lunchtime rush in London's financial district of Canary Wharf

LONDON (Reuters) - Banks including Standard Chartered and Citigroup have told staff in Britain to return to the office, taking advantage of the government's lifting of work-from-home rules to combat the spread of COVID-19.

Goldman Sachs also plans to resume office working in accordance with the changed guidelines, a bank spokesperson said, while HSBC said staff would be welcome back in its offices from Thursday as part of a hybrid approach.

Standard Chartered has told employees its London headquarters will be open for all staff from Monday Jan. 24, a spokesperson said.

Citi staff are "expected to be in the office at least three days per week", it said in an internal memo seen by Reuters. A spokesperson for the bank confirmed the contents of the memo.

British Prime Minister Boris Johnson on Wednesday said the government would immediately drop its advice for people to work from home, with further restrictions - including mandatory face coverings in public places - to be dropped next week.

The immediate response from banks shows how keen Britain's financial companies are to get staff back into city offices at least some of the time.

The move will also provide a much-needed boost for shops, cafes and restaurants in London's Square Mile and Canary Wharf financial districts, which have been hit hard by remote working.

"Before Christmas the Omicron variant cast a dark shadow over the Square Mile's recovery. The signs are now much more promising," said Catherine McGuinness, Policy Chair at the City of London Corporation.

"We look forward to welcoming City workers back to their offices as soon as possible."

(Reporting By Lawrence White and Iain Withers; Editing by David Goodman)

By Lawrence White and Iain Withers


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.17% 52.68 Delayed Quote.-12.62%
HSBC HOLDINGS PLC 3.57% 518.9 Delayed Quote.11.67%
ON SEMICONDUCTOR CORPORATION -2.49% 54.5 Delayed Quote.-17.71%
STANDARD CHARTERED PLC 2.66% 618 Delayed Quote.34.26%
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Financials (USD)
Sales 2022 16 024 M - -
Net income 2022 2 619 M - -
Net Debt 2022 - - -
P/E ratio 2022 8,66x
Yield 2022 2,26%
Capitalization 22 952 M 22 853 M -
Capi. / Sales 2022 1,43x
Capi. / Sales 2023 1,31x
Nbr of Employees 81 864
Free-Float 93,3%
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Number of Analysts 22
Last Close Price 7,57 $
Average target price 9,31 $
Spread / Average Target 23,0%
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Andrew Nigel Halford Group Chief Financial Officer & Executive Director
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