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Deutsche Bank’s asset-management arm, DWS, is giving up about 200 work spaces in Frankfurt, Germany, as the company plans to offer a “hybrid” work option to staff even after the pandemic ends, Bloomberg News reported.

The Covid-19 pandemic is “forcing us to rethink some of our plans and decisions” on office locations, Mark Cullen, DWS’s chief operating officer, wrote in a memo, according to Bloomberg.

DWS Chief Executive Officer Asoka Woehrmann and his Deutsche Bank counterpart, Christian Sewing, believe that allowing employees to work remotely part of the time will enable the companies to decrease their real-estate costs, the report said.

“We continue to review our real estate portfolio in all locations to ensure we are optimizing our office footprint,” the news site cited DWS as saying in its annual report.

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