Remote work became the default in UK banks during the Covid-19 pandemic. At first, it was a necessity due to lockdowns, but employees soon discovered the benefits. Without long commutes or strict in-office hours, many found they could work just as efficiently — or even better — from home.
Even after restrictions eased, this new way of working stuck. A 2023 report by the CIPD showed that 78% of finance workers expected hybrid work to stay. Employees didn’t want to give up the freedom they had grown used to, and banks struggled to get people back to their desks full-time.
Why Do Banks Want People Back in the Office?
Many banks believe that in-person work is vital for collaboration and learning. Senior leaders and finance recruitment firms argue that junior staff, in particular, benefit from being around more experienced colleagues. It’s easier to ask questions, observe meetings, and build confidence in a shared space.
There’s also the issue of culture. Leaders say it’s hard to build a strong team spirit when everyone is scattered. In the office, people can connect more naturally, solve problems faster, and innovate together. For them, these are crucial reasons to return to physical offices — at least part of the week.
Is More Money Enough to Convince Employees?
Some banks are turning to financial incentives. Companies like Barclays and HSBC have increased pay and bonuses, especially for roles that are difficult to do remotely — like trading and risk management. According to data from Dartmouth Partners, base salaries for entry-level investment banking analysts in London rose from £50,000 in 2021 to £63,000 in 2022 — a 26% increase.
These pay rises aim to make office life more appealing. But money isn’t the only factor employees consider. Many now value flexibility just as much, if not more. For workers with long commutes or caregiving duties, being tied to the office five days a week can be a dealbreaker — no matter the salary.
Is Hybrid Working the Real Solution?
To meet employees halfway, most banks now offer hybrid work models. These allow staff to work from home two or three days a week and come in for key meetings or tasks. This model gives employees the flexibility they want while still supporting teamwork and learning.
It also helps with retention. A 2024 YouGov survey found that 62% of UK finance professionals would consider leaving their job if forced back to the office full-time. Hybrid work offers a clear compromise, supporting both business needs and employee wellbeing.
What Will Banking Work Look Like in the Future?
The future of banking in the UK will likely blend higher pay, hybrid work, and career growth opportunities. Some firms are even rewarding regular office attendance with faster promotions or bigger bonuses.
But the key will be balance. Pay alone won’t change how people feel about work. Banks that succeed will be those that respect modern expectations — offering flexibility, support, and a workplace that feels worth returning to.
