HSBC has reversed its plan to fully leave Canary Wharf, signing a 15-year lease for 210,000 square feet at 40 Bank Street.

The move comes less than two years after the bank announced its intention to relocate its global headquarters to a downsized office near St Paul’s Cathedral in the City of London. The new headquarters, at 592,000 square feet, is about half the size of HSBC’s current Canary Wharf base, which had raised concerns of a significant desk shortage.

The shortage was highlighted earlier this year, when senior managers were notified of a potential shortfall of 7,700 desks at the new City headquarters. This prompted HSBC to seek additional space, resulting in the new lease at Canary Wharf. The bank’s decision follows stricter return-to-office mandates introduced by chief executive officer Georges Elhedery, who recently ordered all managing directors to be in the office at least four days a week.

Suzy White, group chief operating officer at HSBC, commented, “Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital and remains a key element of our business continuity strategy.  The new space in Canary Wharf will be a great addition to our real estate portfolio”.

Canary Wharf Group, which owns much of the district, has seen several major occupiers depart in recent years, but the HSBC deal offers a boost. Shobi Khan, chief executive officer of Canary Wharf Group, said, “We are thrilled HSBC will continue to be a part of the extraordinary environment at Canary Wharf. This letting reflects the enduring appeal of our mixed-use neighbourhood where commerce, community and culture thrive”.

HSBC will move staff into the new Canary Wharf office from early 2027, while continuing to operate from multiple sites across London. The bank’s decision comes as other financial institutions, including Spanish bank BBVA and fintech firm Zopa, have also committed to new leases in the area, countering the trend of high-profile exits from Canary Wharf.

---