HSBC calls five-days-a-week office work unnecessary, scraps exec floor

(Alliance News) - The executive floor at HSBC Holding PLC's London headquarters has been ...

Alliance News 19 April, 2021 | 3:06PM
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(Alliance News) - The executive floor at HSBC Holding PLC's London headquarters has been abolished as the global bank adapts to the new working environment in the post-Covid world.

Chief Executive Noel Quinn told the Financial Times top managers will leave their 42nd floor private offices in its Canary Wharf skyscraper and now hot-desk with other staff on the two floors below.

HSBC is the latest business to offer flexibility to its workers in a shift towards more home working by some of the UK's biggest firms.

He told the newspaper: "Our offices were empty half the time because we were travelling around the world. That was a waste of real estate.

"If I'm asking our colleagues to change the way that they're working, then it's only right that we change the way we're working.

"We don't have a designated desk. You turn up and grab one in the morning," he added. "I won't be in the office five days a week. I think it's unnecessary...It's the new reality of life."

Quinn is looking to cut 40% from its global head-office costs with city-centre office leases not expected to be renewed and offices that remain will have a policy of two employees per desk.

Earlier this month more than 1,200 employees in its contact centres were told they could continue working from home permanently as a result of the coronavirus crisis if they wanted.

According to internal polling, a big majority of the 1,800 staff in sites in England, Wales and Scotland did not want to return to offices as the latest lockdown eases.

The bank is also in the middle of plans to cut 35,000 jobs across its global workforce of 200,000 to reduce costs.

Rivals have announced plans to reduce the number of staff working in offices, with Nationwide offering 13,000 staff the chance to continue working from home.

Lloyds Banking PLC said it was trialling hybrid working with 77% saying they would be interested in continuing to work from home.

Goldman Sachs Group Inc has been an outlier in the shift to more hybrid working, with staff being told to return to work and already back at their desks.

By Simon Neville, PA City Editor

source: PA

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
HSBC Holdings PLC 453.14 GBX -0.28
Lloyds Banking Group PLC 46.21 GBX -0.05
Goldman Sachs Group Inc 361.64 USD 1.12

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