DBS is the latest global bank to offload more office space, this time in a Singapore building where it is the anchor tenant. DBS will give up about two and a half floors out of the more than a dozen floors it occupies at Tower 3 of the Marina Bay Financial Centre, according to a report citing unnamed sources. Singapore’s largest lender is set to surrender the space, which totals 75,000 square feet, in December.
DBS joins other global banks that are shifting their operational models by reducing office space and increasing flexible working measures.
In Singapore, Citi is offloading three floors and Mizuho is cutting less than one floor of office space.
In Hong Kong, DBS has also dropped eight floors of office space joining the likes of BNP Paribas, Standard Chartered and UBS.
DBS’ reduction of office space falls in line with its announced strategy to provide flexible working conditions for its staff.
In November, the bank said that remote working would be allowed for employees as much as 40 percent of the time.