Hargreaves Lansdown joins JPMorgan Chase in ordering staff back to office
Hargreaves Lansdown is ordering staff back to the office from the start of next year, joining a wave of return-to-office mandates that includes JPMorgan Chase and other major financial firms. The UK's largest DIY investment site will require employees in the workplace for three days a week, shortly after the firm moves into its new Bristol office.
The wealth manager, which was acquired by buyout firms including CVC Capital Partners in 2024 for £5.4bn, has not previously had a requirement for days in office, according to reports in the Financial Times. The mandatory office days will follow the firm's plans to move employees into its new building in stages from September, in order to allow them time to settle into the new space.
The decision comes as some staff rarely come into the office, said one person familiar with the decision, arguing it makes it harder for employees to collaborate. Hargreaves Lansdown, which has 2,400 staff, confirmed the plans and said there was still "flexibility" for its employees.
The investment platform's decision to pull staff back to the office follows that of other companies. Firms have been opting to recall workers in a bid to end widespread homeworking that was born during the Covid pandemic. This includes British lender TSB, which is demanding staff return to the office three days a week from April next year, up from the current two, to align with Santander's policy following its takeover by the Spanish bank.
JPMorgan Chase also told all workers to return to office last week, but thousands of global employees signed a petition against the move. The U.S. bank's mandate signals that the return-to-office push extends across the Atlantic, where Canadian and American financial institutions are watching closely for effects on productivity and retention.
In turn, some City firms have been relaxing office rules amid the UK's string of heatwaves. In June, JPMorgan Chase was among the firms letting staff off the hook, alongside ING and Deutsche. Lloyd's of London also allowed staff to stay away from its historic City building in late July as the Square Mile braced for yet another week of high temperatures.
Hargreaves Lansdown has faced significant competition in recent years, as digital start ups and cheaper, fast-growing rivals, including AJ Bell and Interactive Investor, lured over consumers. The site is attempting to modernise its technology and overhauled its fee structure earlier this year, making its services cheaper for most customers. But this left a small number paying higher charges.
Reporting for CityAM Canada on business and the wider Canadian economy.
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