Skip to content
Subscriber Only

Banks Shedding Real Estate in Moves to Cut Costs: WFH Tracker

The Canary Wharf district in London, U.K.

The Canary Wharf district in London, U.K.

Photographer: Simon Dawson/Bloomberg
Updated on

U.S. financial firms are abandoning some of their corporate offices to cut costs in response to the coronavirus pandemic.

Fifth Third Bancorp said Monday it will cut about 20% of its corporate office space as part of a plan to eliminate $200 million in annual expenses starting next year. Prudential Financial Inc. and Synchrony Financial said they’ll also reduce their real estate footprints as they keep their staff working from home.