HSBC, the multinational investment bank, is set to announce the downsizing and relocation of its UK headquarters from Canary Wharf to a refurbished building near St Paul’s. The bank’s current presence is spread over 45 floors, offering 1.2m sq ft, while the new building will only offer 556,000 sq ft. The move comes as the bank aims to adopt a hybrid-working culture after the pandemic, drastically reducing the number of staff that will be present in the new office.
Moving to a modern office in St Paul’s
HSBC COO John Hinshaw announced the move in a memo on 26 June. He described the former BT office building at Panorama St Paul’s in the City of London as the “preferred option” due to its “modern office environment” and “excellent connections”. The building is being designed with staff wellbeing and sustainability in mind, incorporating repurposed materials and constructed to “best-in-class sustainability standards”.
Detailed discussions
The bank has already informed its employees in September, signalling their intention to move to a variety of offices across London. Now, the decision has been made to start more detailed discussions on a potential lease and plans to move in by late 2026. In conclusion, HSBC now prepares for a change in scenery, downsizing while maintaining an efficient and modern office environment.
Balancing Hybrid-Working Practices
As companies navigate hybrid-working practices, banks are currently experiencing their fair share of trials and tribulations. While Citi initially allowed staff to maintain a hybrid schedule featuring three days in the office per week, it has since expressed its intentions to monitor employee office attendance. This has sparked concerns among its 9,000 UK employees, who are currently being consulted on the matter.
In contrast, other banks, such as JPMorgan, have strictly enforced a five-day workweek in the office, warning of “corrective action” otherwise. Goldman Sachs and Bank of America are similarly pushing their staff to return to the office instead of continuing with hybrid schedules.
HSBC is taking a different approach, planning to decrease its global office space by up to 40% as part of its broader sustainability efforts. The bank has already reduced Canada Square space by 25%, which will decrease building operation costs and energy use. The company is also relocating teams to different floors in 8CS to foster easier interaction and networking among colleagues in the office.
This initiative comes as HSBC moves into the revamped former BT Centre at 81 Newgate Street, boasting stunning roof terraces affording views of St Paul’s Cathedral. This property was built in the 1980s and was sold by BT to private equity group Orion Capital Managers in 2019.
Source: FNLondon.com
