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Investec staff told to work four-day week in the office

City of London Work From Home
City of London Work From Home

The investment bank Investec is to tell its staff to return to the office for four days a week as the Square Mile turns against home working.

The FTSE 250 lender is to increase its office attendance requirement to four days from a previous policy of three, sources said.

Bosses at Investec are expected to confirm the changes in an announcement this week, with the new policy coming into effect in July.

It is understood that the rule will not apply to Investec's wealth management arm, which is being merged with rival Rathbones.

It comes as a host of companies increase the number of days they require staff to be at their desks as the City of London reverts to pre-pandemic norms.

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Lloyds Banking Group, JP Morgan and BlackRock have all told their employees that they must return to the workplace more frequently.

Ruth Leas, chief executive of Investec’s UK bank, said: “At Investec we believe that our culture and people’s career growth are best enabled face-to-face. A key driver of our continued growth and success will be increased collaboration, in-person relationships and connectivity.

“Flexibility has always been a hallmark of our culture and will remain at the heart of our approach to ensure the best outcomes for our people and our clients.”

Investec’s current policy of three days a week in the office has been in place since the end of 2021.

Earlier this month, the company posted a jump in full-year profits after it was boosted by an increase in clients and rising interest rates.

The move to office-based working suggests the pandemic-induced shift to remote working could be fading.

Last week, the City law firm Skadden told its lawyers to work from the office at least four days a week.

Wall Street behemoth JP Morgan last month told senior bankers to return to the workplace full-time, adding that slackers would be punished for poor attendance.

Meanwhile, Lloyds was accused of inflicting “unnecessary disruption” on the lives of its employees after telling them to return to the office for just two days a week.