HSBC, the banking titan, is contemplating a global policy that would mandate staff to return to the office for at least three days per week.
The bank’s deliberations are being led by chief executive Georges Elhedery, who has been meeting with executives across the company to discuss a group-wide return, as reported by City AM.
As reported by the Financial Times, discussions are ongoing and no formal decision has been made yet.
At the end of last year, HSBC had over 211,000 full-time employees on its payroll, standing out among its peers who have already encouraged their staff to return to the office.
In the UK, the firm employs approximately 34,700 people across various sectors including retail, private, commercial and investment banking.
Lloyds was the first to make a move back in September 2023, asking staff to work in the office at least two days a week.
Earlier this year, Barclays implemented a minimum office attendance requirement of three days a week.
On Wall Street, banks have taken a more stringent approach, with JP Morgan Chase and Goldman Sachs requiring staff to work in-office five days a week.
HSBC is currently transitioning from Canary Wharf to the City, which will significantly reduce the company’s office space.
The bank is reportedly facing a shortage of desks for its thousands of employees moving offices.
HSBC slashing headcount
This comes as part of a company-wide reduction in workforce as part of Elhedery’s restructuring overhaul at the bank.
As part of Elhedery’s cost-cutting initiative to save $3bn, HSBC has scaled back its investment banking arm. The bank’s European operations have borne the brunt of the changes, including a 10% workforce reduction in France and the cancellation of its UK Corporate and Investor Conference, a prominent event that brought together UK business leaders, analysts, and investors.
A key aspect of Elhedery’s restructuring plan involves dividing the business into two regions: “eastern markets,” encompassing Asia-Pacific and the Middle East, and “western,” covering the Americas and Europe. This has led to a focus on refining operations in Asia, where the bank’s chief has noted “broad steady growth.”
