A new study by the CBI and PwC has shown that 74% of finance firms in the City of London are reviewing office space needs.
As the pandemic led to a boom in home working, many companies are considering much more flexibility in the workplace and the possibility of home working being a permanent fixture.
A total of 133 financial firms were surveyed, 88% of whom said there was a greater shift towards home working and that employees could continue roles away from the office.
Fund manager Schroders has told employees that they are able to continue working from home even after the pandemic has passed.
JP Morgan, however, has raised concerns over permanent homeworking due to the lack of mentorship and dip in productivity at the beginning and end of the working week.
A report by Cardiff and Southampton universities said that people are just as productive, if not more, when they are working from home.
Prof Alan Felstead, of Cardiff University, said: “Our analysis suggests there will be a major shift away from the traditional workplace, even when social distancing is no longer a requirement.”
“What is particularly striking is that many of those who have worked at home during lockdown would like to continue to work in this way, even when social distancing rules do not require them to.”
“These people are among the most productive, so preventing them from choosing how they work in the future does not make economic sense.”
