UK banks slash office space as staff stay home

Some of Britain's big banks have a message for staff.

Work where you like, because we're getting rid of the office.

Santander's UK arm is among those making moves.

It's shutting four offices, and moving its headquarters from London to Milton Keynes, around an hour's drive north of the capital.

The bank will also shut 111 branches by August, as transactions move online.

Around 5,000 staff will be offered new arrangements, combining working from home with access to local collaboration spaces.

Nationwide Building Society is going much further.

It's told all 13,000 office-based staff to work wherever they want in the country.

That's more dramatic than earlier announcements by HSBC and Lloyds.

They too are cutting some office space, but still want staff to come in at times.

Nationwide says it will still invest in offices, but with the focus on collaboration spaces, not traditional meeting rooms.