HSBC is considering a global policy that would require employees to work in the office at least three days per week, aligning with a broader industry trend of reducing remote work. While no final decision has been announced, the move would impact its 34,700 UK-based staff and comes as the bank prepares to downsize its office footprint during its transition from Canary Wharf to the City.
This potential change follows similar return-to-office policies introduced by UK peers Lloyds and Barclays, and reflects the stricter stance adopted by US banks such as JPMorgan Chase and Goldman Sachs.
The discussion takes place amid sweeping restructuring efforts led by CEO Georges Elhedery. Aiming to cut costs by $3 billion, the bank has scaled back its investment banking operations, particularly across Europe. This has included a 10% staff reduction in France and the cancellation of its UK Corporate and Investor Conference.
As part of the overhaul, HSBC is reorganising into two regional divisions: one covering Asia-Pacific and the Middle East, and the other focused on the Americas and Europe. The restructuring underscores HSBC’s pivot toward Asia, which the bank sees as a core growth driver.
