Mizuho To Downsize Singapore Office
SINGAPORE – Mizuho Financial Group is poised to slightly reduce its office footprint in the city-state, as Japan’s third biggest lender plans to renovate its offices across global financial centres due to the COVID-19 pandemic, reported Bloomberg on Friday afternoon (20 November).
Specifically, sources revealed that the bank is considering to trim 16 percent of its office space in Asia Square Tower 2 in Marina Bay. That reduction translates to less than one level at the 46-storey office tower owned by CapitaLand Commercial Trust.
Notably, Mizuho is an anchor tenant there, leasing 4 office floors with a combined area of roughly 105,000 sq ft (9,755 sq m).
Aside from that, the sources divulged that the financial institution is exploring ways to efficiently use its backup office premises in Changi Business Park, where the firm occupies 200,000 sq ft (18,581 sq m) for its business continuity plan.
Financial institutions across the globe are still figuring out how to make use of their office space as they mull institutionalising flexible work set-ups permanently after the virus outbreak has been overcome.
For instance, Mizuho is already looking at plans to slash its office space in London and New York City after finding out that its staff there remained productive while remotely working.
In Singapore, the Japanese lender follows the footsteps of Citigroup, which is cutting its office footprint at Asia Square Tower 1.
Still, e-commerce giant Amazon has agreed to take over Citigroup’s surrendered space, as Chinese and Western tech giants continue to expand their presence in Singapore.
The sources shared that Mizuho has already been looking to revamp its office space here, but the plans were accelerated by the COVID-19 pandemic and the resulting lockdowns. In particular, the company intends to redesign its office here to create a more open and communal workplace.
They also clarified that the smaller office space doesn’t mean that Mizuho will be laying off workers.
Meanwhile, the South China Morning Post (SCMP) reported on Wednesday night (18 November) that HSBC will allow its employees in Hong Kong to work from home up to four days per week.
According to revised HR guidelines seen by The Post, the bank’s workers have the option of working from home up to 2 or 4 days a week depending on their role.
Furthermore, HSBC informed its workers in Hong Kong that it will give a one-off equipment allowance of as much as HK$2,500 (US$322) for those who commit to telecommute for at least two days a week for a minimum period of 1 year. The allowance can be used to purchase needed items, like desks, computer monitors, and ergonomic chairs.
