UPDATE 1-Banks to cut office space in London after COVID - minister

(Adds more detail)

LONDON, June 23 (Reuters) - Some banks will cut office space
in London's financial district as they "reset" their operations
following the COVID-19 pandemic, Britain's financial services
minister said on Tuesday.

The bulk of staff at banks have been working from home since
Britain introduced a lockdown in March to fight the pandemic.

It has highlighted potential savings in expensive London
office space over the longer term, as working from home is
expected to become more prevalent after the lockdown has shown
that it can function effectively on a large scale.

"Having spoken to a number of CEOs in recent weeks, they
have all got a different take on it," John Glen told an online
event on women in finance held by New Financial think tank.

"Some of the banks will reduce their physical footprint in
terms of their square footage in the City. Others are valuing
the need to get back into a single place to spend more time
because we have lost some of the softer elements of interaction
through this period," Glen said.

(Reporting by Huw Jones; Editing by Alex Richardson and Alison
Williams)