HSBC has announced it has exited or cut down its footprint in 77 buildings since January of last year.
The bank has decreased its overall footprint by around 10%, and is on its way to cutting it down to one-fifth by the end of the year.
“We are moving to a hybrid working model wherever possible,” said Noel Quinn, CEO of HSBC. “We will need less office space as a result, and we have plans to reduce our global office footprint by more than 3.6 million square feet.”
In addition to the company reducing its real estate footprint, HSBC is also looking to halve its spending on business travel, reducing it to $200 million annually starting in 2022.