Hargreaves Lansdown, the UK’s largest DIY investment platform, is mandating employees return to the office for three days a week from the start of next year.
The move follows the firm’s planned relocation to a new Bristol office, with staff set to move into the building in stages from September to allow time to settle into the new space.
The wealth manager, which was acquired by a consortium of buyout firms including CVC Capital Partners in 2024 for £5.4bn, had not previously imposed any formal requirement on the number of days staff must spend in the office.
According to one person familiar with the decision, some employees had rarely been coming into the office at all, making it harder for colleagues to collaborate effectively on a day-to-day basis.
Hargreaves Lansdown, which employs 2,400 staff, confirmed the plans and said there would still be “flexibility” for its employees under the new arrangement.
The decision places Hargreaves Lansdown among a growing number of companies rolling back the flexible working arrangements that became widespread during the Covid pandemic.
British lender TSB is also demanding staff return to the office three days a week from April, up from the current two days, as it aligns its working policy with that of Santander following the Spanish bank’s takeover.
JPMorgan Chase told all its workers globally to return to the office full time, though thousands of employees signed a petition against the move, reflecting broader resistance to mandatory office returns.
Some City firms have taken a softer approach during the UK’s recent heatwaves, with JPMorgan Chase, ING, and Deutsche Bank among those giving staff permission to work from home during periods of extreme heat.
Lloyd’s of London also allowed staff to stay away from its historic City building in late July as the Square Mile prepared for another week of high temperatures.
Hargreaves Lansdown has been under considerable pressure in recent years from digital rivals including AJ Bell and Interactive Investor, which have attracted cost-conscious investors with cheaper and faster-growing platforms.
The firm has been working to modernise its technology and overhauled its fee structure earlier this year, making services cheaper for most customers, though a small number of clients were left facing higher charges as a result.