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HSBC is considering moving out of its global headquarters in Canary Wharf as the bank shifts to hybrid working and cuts back on office space.
The UK lender told staff in a memo that is aiming to shrink the amount of space it occupies in 8 Canada Square by 25% as it looks to slash both costs and energy usage. Meanwhile, it is exploring leaving its global headquarters altogether when the lease expires in five years, its group chief operating officer John Hinshaw told employees.
“As a next step in our evolution of hybrid working, we will be moving some teams to different floors in 8CS to make it easier for colleagues to interact, network and learn from each other in the office,” the memo said. “This will reduce the amount of space we occupy in 8CS by 25%, lower the cost of running the building and reduce the energy we use. Floor moves will take place over the coming months.”
READ Pandemic pushes Deutsche Bank to go faster on plans to cut office space
While Wall Street banks have pushed staff back into the office as Covid-19 restrictions have been lifted, HSBC is among a handful of maintaining hybrid working arrangements. The bank expects most staff to be in three days a week, but has previously stated its aim of reducing its global real estate footprint by 40%.
The bank has moved executives from permanent individual offices to open-plan arrangements. Even its chief executive, Noel Quinn, has shifted down two floors, and now hotdesks in the London office.
Hinshaw said that the bank has ambitions to offer a “flexible and dynamic workspace”.
“With these goals in mind, and given our lease at 8CS expires in early 2027, we have decided to undertake a review of the best future location in London for our global headquarters, including the option of staying in our current facility with additional renovations,” he wrote. “We will keep our global headquarters in London.”
Deutsche Bank executives have also said that the bank plans to reduce its real estate footprint by at least 25% as its employees continue to work in a hybrid pattern.
Reuters earlier reported the HSBC memo.
To contact the author of this story with feedback or news, email Paul Clarke
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