UOB to trim office space, but does not expect major reduction in real estate: CEO

U11 is considering downsizing its office space as hybrid work arrangements gain momentum, but the bank's chief executive officer and deputy chairman Wee Ee Cheong does not expect too significant a reduction in real estate.

Responding to a shareholder's query at the bank's annual general meeting (AGM) held virtually on Friday, he said: "With digitalisation and flexible work arrangements, I think there is some flexibility for us to extract the best of both worlds. I think there could be some drop in demand in terms of office space, but the reduction may not be as significant."

UOB's head of group human resources Dean Tong added that the bank has been looking at paring office space since early 2020, prior to the Covid-19 pandemic, with an internal property group weighing options to balance employees' welfare and the economics of space.