HSBC To Move Forward With Office Reduction

HSBC has announced plans to cut back on its office footprint over the next few years as it transitions to a more “agile” and hybrid work model.

The bank said it is aiming to reduce its office space worldwide by 40% in the long term, which does not include its branch network.

Noel Quinn, CEO of HSBC, said that the bank will keep its Canary Wharf headquarters for its 10,000 employees, but its smaller offices around London would most likely close.

“Take London for example — we will have the building here at Canary Wharf, this will be the primary London office, the nature of working in that office will change to have a higher occupancy per square foot because we’ll have a hybrid style of working and we’ll probably release premises elsewhere in London that are coming up for lease renewal over the two to three years,” said Quinn.

The bank is in the midst of a global restructuring program that includes cutting 35,000 of its staff, which will help it reduce its office footprint.