HSBC has issued a stark warning to its UK retail staff: fail to meet the office attendance requirement and risk a bonus cut.
The banking behemoth has stipulated that employees in the retail and domestic commercial division must adhere to a minimum of three days in the office, or face potential pay reductions, as reported by City AM.
HSBC UK has chosen not to comment on the matter.
This move, as reported by Bloomberg, mirrors that of FTSE 100 competitor Lloyds, which announced in January that office attendance would factor into bonus decisions, albeit only for a select group of senior staff.
In other news, HSBC is planning to up sticks from its London headquarters as early as next year, trading Canary Wharf for the Square Mile.
The bank faced bonus-related controversy in February when City AM disclosed plans to let go of a number of investment bankers, while simultaneously rewarding others with bonuses.
HSBC has pivoted on European activity
Recent developments have cast doubt over HSBC’s future activities in Europe.
Just last week, the bank revealed plans to cut 348 roles in France, equating to roughly 10% of its workforce in the country.
This comes in the wake of Georges Elhedery’s restructuring of the group’s global operations since stepping into the top job last year.
Elhedery announced last year his intention to amalgamate the global commercial and investment banking divisions, a move anticipated to lead to reductions in senior banking roles.
Financials analyst William Howlett from Quilter Cheviot commented to City AM on the bank’s strategy: “We would see the news that HSBC is cutting workforce in France as a continuation of the bank’s strategic pivot to Asia which has been intensifying over the past decade.”
Earlier this month, HSBC called off its 2025 UK Corporate and Investor Conference, a key fixture in the bank’s annual schedule that brings together UK business magnates, analysts, and investors.
Despite this cancellation, the company has reaffirmed its commitment to Europe, promising to “support its international clients and to position Europe as an essential part of its strategy.”
