Major Welsh-based financial services company Admiral is to close offices in Cardiff and Newport.
The company said it has made the decision based on a move towards "hybrid" home working after the Covid-19 pandemic.
The changes will see the company close its Admiral House in Newport, meaning the company will no longer have a recognised base in Newport.
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Offices based in Capital Quarter in Cardiff will close "over the course of 2022", but will remain at the Ty Admiral and Capital Tower offices in the city.
The company said offices in Swansea city centre and Llansamlet will also remain, after offices based at the Ellipse building in Swansea closed earlier this year.
Admiral head of property, Huw Llewellyn, said: “We believe that giving our people choice and flexibility on how they work is critical to their enjoyment of their role, and this translates into supporting our customers and great business performance.
“The pandemic has changed how we work and we have learned that we can continue to operate effectively while working differently, and remotely. Our business continues to grow but our people are embracing a more flexible, hybrid approach and are telling us it’s how they want to work moving forward, as they’ve seen a positive impact on their wellbeing and work-life balance.
“We’re excited by the opportunities it brings us, where colleagues can spend time working both at home, and together as teams in our offices working collaboratively. There’s no doubt that the flexibility of approach will help us attract and retain the top talent in the market and that’s important as we think about the future of our business.”
In Newport Admiral will begin to reduce the amount of space it occupies in Admiral House by 50% from January 2022, vacating the site completely from 2023.
The phased approach is to limit the impact on Newport city centre, the company says.
Mr Llewellyn added: “We remain committed to the South Wales region, however our hybrid working approach means we’re able to accommodate our growing colleague population across a reduced property portfolio. This does mean that we will transition out of our Newport site at Admiral House and our colleagues based there will eventually use our Cardiff offices.
“We’re immensely proud to be part of the Newport community and although we’ll no longer have an office base in the city, we’ll continue to be represented by many of our colleagues who live locally.”
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