HSBC Seeks A Smaller Main Headquarters

HSBC Seeks A Smaller Main Headquarters In London

UNITED KINGDOM – HSBC is on the hunt for a new global headquarters in London that is smaller than its current main office by around 50 percent, reported the Sunday Times on Sunday (26 February, SGT).

It was revealed that the multinational bank has engaged real estate consultancy Cushman & Wakefield (C&W) to find a new primary HQ spanning between 400,000 sq ft and 500,000 sq ft.

Notably, HSBC has been using the 45-storey office tower at 8 Canada Square in Canary Wharf as its global headquarters. Dubbed by some of the bank’s staff as “The Tower of Doom,” the current main office measures around 1.1 million sq ft.

Last October, it was reported that the multinational bank is mulling whether to keep its main headquarters at 8 Canada Square when the office lease expires in 2027. So far, about 10 floors at the office property have been relinquished by HSBC.

In a memo seen by Reuters, HSBC’s Chief Operating Officer John Hinshaw stated that they are evaluating the “best future location in London.”

“We want our head office to connect people, drive collaboration, foster alternative workstyles and promote wellbeing. It will be much more digitally enabled to help us work smarter, and will be sustainably designed to help meet our net-zero commitments.”

In February 2021, the multinational bank’s Chief Executive revealed that they intend to slash their global workspace by around 40 percent. Nonetheless, HSBC promised that it would maintain a presence in London.

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