HSBC Mulls Whether To Retain Canary Wharf HQ
UNITED KINGDOM – In a memo, HSBC announced that it will conduct a review of whether to retain its global headquarters within the Canary Wharf financial district in London, reported Reuters on Thursday evening (29 September, SGT).
The multinational bank said it had decided to carry out a review for “the best future location in London” ahead of its office lease expiring at the 45-storey tower at 8 Canada Square in early-2027.
In the review, HSBC would look whether to stay and spruce up the office building. It also reiterated that its global headquarters would still be in London.
The multinational bank has long considered the ideal location for its business, with some people recommending that it relocate its headquarters to Asia, where the majority of its profits come from.
The memo, which was inked by HSBC’s Group Chief Operating Officer John Hinshaw, also contained the company’s hybrid working approach since the onset of the COVID-19 pandemic.
While the review is ongoing, the multinational bank shared that it would occupy 25 percent less office space in 8 Canada Square by shuttering some floors and relocating some departments, to reduce the cost of operating the building and conserve energy.
Notably, banks across the world have been slashing office space due to pandemic lockdowns. This resulted in a change in working patterns, with many employees working from home for at least part of the time.
In particular, HSBC targets to slash 40 percent of its office space, one of the highest reductions targeted by a major bank.
The multinational bank has been leasing 8 Canada Square since 2002. Apart from bearing the company’s name and housing about 8,000 HSBC staff, the commercial property is also one of the tallest office towers in Canary Wharf.