HSBC to reduce global office footprint by 20%

HSBC has said that it is moving to a hybrid model of working, which means it needs less office space.

As a result, in its latest financial results the bank revealed that it would be cutting its global office footprint by 20 per cent by the end of the year.

This week HSBC reported pre-tax profits of $10.8 billion in the first half of 2021. Last year, profits before tax at the UK-based bank reached just $4.3 billion during the same period. [link]

“We are moving to a hybrid working model wherever possible, giving our people the flexibility to work in a way that suits both them and their customers,” said Noel Quinn, group chief executive. “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 – or around 20 per cent – by the end of 2021.”

Quinn also revealed that the bank is relocating three of its global business chief executives to Asia on a permanent basis, which he said would position them closer to HSBC customers and “the core” business.

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