Deutsche Bank allows employees to work for 3 days in office

Deutsche Bank AG is implementing new work-from-home policies, following in the footsteps of other investment banks that are increasing in-office attendance. According to a memo seen by Bloomberg on Thursday, managing directors will now be required to be in the office four days a week, while all other staff must come in at least three days. These changes will take effect in June.

Deutsche Bank is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. Deutsche Bank was founded in 1870 in Berlin. Deutsche Bank is the largest bank in Germany, totaling over 1.32 trillion euros in assets.

Confirmation of the memo’s authenticity was provided by a Deutsche Bank spokesman. This move aligns Germany’s largest bank with its Wall Street counterparts, who are also mandating a return to the office. Previously, Deutsche Bank allowed employees to work from home up to three days a week, depending on their roles. It is worth noting that Goldman Sachs Group Inc. already requires staff to work in the office five days a week.

Additionally, Deutsche Bank has prohibited employees from working remotely on Fridays and Mondays. In a memo, CEO Christian Sewing and COO Rebecca Short justified this decision by stating that the current utilization of real estate is inefficient. They expressed the bank’s desire to distribute its presence more evenly throughout the week.

The introduction of this new policy may seem contradictory to Deutsche Bank’s efforts to reduce office space. Last year, the bank announced its intention to decrease its real estate footprint in Frankfurt and a neighboring town by 40% by the end of 2022, citing increased remote work as a contributing factor. CEO Christian Sewing has set a goal of cutting costs by approximately €1.7 billion ($1.8 billion) over the next two years.