This week, HSBC CEO Noel Quinn took to LinkedIn to share that he and the leadership team are moving “to a fully open plan with no designated desks.”
Quinn prefaced this news by sharing his lack of desire to return to an individual office when returning to the workplace, and wanting to have better connections with colleagues.
Along with the transition to a more open plan, Quinn added that his staff’s preference for more flexibility will lead the company to move to a hybrid work arrangement.
Transitioning to a more hybrid model could allow the company to cut down on the expensive cost of office space, while accommodating the needs of employees in a post-pandemic society. This also means staffers won’t be expected to be in the office five times a week.
HSBC has indicated it will cut around 40% of its office space, but would retain its Canary Wharf headquarters. However, Quinn added that the space would become more open and use hot desks rather than offices. Additionally, the company would not renew leases in its other locations in London.
The bank also said it will follow through with its pre-pandemic plan to cut down its staff. In 2019, the company downsized 35,000 jobs, followed by several rounds of layoffs including one for 4,000 people and 10,000 soon after.