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October 03, 2023

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TUESDAY, OCTOBER 03, 2023
HSBC plans to nearly halve office space over long term

Global Economy

Reuters
23 February, 2021, 03:50 pm
Last modified: 23 February, 2021, 03:49 pm

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HSBC plans to nearly halve office space over long term

HSBC aims to cut its office footprint by 40% over the long-term, the bank said in an analyst presentation accompanying its full-year results without giving further details

Reuters
23 February, 2021, 03:50 pm
Last modified: 23 February, 2021, 03:49 pm
A HSBC logo is seen on the Private Bank Building in Geneva March 28, 2011/ Reuters
A HSBC logo is seen on the Private Bank Building in Geneva March 28, 2011/ Reuters

HSBC plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in a further sign the Covid-19 pandemic is leading companies to make drastic changes to working patterns.

HSBC aims to cut its office footprint by 40% over the long-term, the bank said in an analyst presentation accompanying its full-year results without giving further details.

The lender unveiled a revised strategy focused mainly on wealth management in Asia after the Covid-19 shock saw its annual profits drop sharply.

World+Biz

HSBC

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