Space Exploration: How Will Banks Handle Unwanted, Costly Real Estate, Post-Covid?
Financial firms spend a lot of money on office space, but what happens to that space if more employees are working from home? Perhaps something of a WeWork for fintechs is the answer.
With much of the US economy beginning to reopen for business, coronavirus or no coronavirus, capital markets participants are being typically risk-averse, with upwards of 90% of financial firms’ headcount working remotely, and seemingly a new firm every day saying it will implement extended work-from-home programs for staff, or allow employees to work from home indefinitely. The result is that these firms now face the prospect of paying for substantial amounts of office space that may remain
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