Lloyds Banking Group will vacate one of its London office locations as part of a consolidation strategy, the British bank announced on Thursday.

Lloyds will exit its building at 125 London Wall, located in the City's financial district, by 2025.

The bank's nearby office on Old Broad Street, which is currently undergoing refurbishment, will serve as its new headquarters. This move is part of Lloyds' broader initiative to upgrade its property estate across Britain and enhance its environmental sustainability.

This decision aligns with a broader trend in Britain's financial sector, where banks are reducing real estate costs in response to changes in working habits brought about by the COVID-19 pandemic.

Banks like HSBC have also reduced their presence in the Canary Wharf financial district, opting for smaller premises elsewhere as more employees work from home.  Photo by Stephen Richards, Wikimedia commons.