HSBC is expecting to cut its office footprint by 20% this year and its business travel costs by half as it transitions to more flexible work operations.
According to Chief Financial Officer Ewen Stevenson, the bank could be at the halfway point of its original goal of reducing its office space by 40% by the end of this year.
HSBC’s alterations showcase just how fast companies are ready to walk away from office space as many reconsider their workplace arrangements and adopt more remote working policies.
For HSBC, the company is using hot desks for the time being in order to help reduce its footprint at its Canary Wharf headquarters.
“Firms have told us that they remain committed to retaining a central London hub but how they operate will inevitably change to reflect post-pandemic trends, such as hybrid and flexible working,” said Catherine McGuinness, chair of the policy and resources committee at the City of London Corporation.