Downsizing | HSBC's move to smaller HQ highlights power of hybrid working

HSBC has decided to leave its longstanding headquarters in London's Canary Wharf in favour of a move to a much smaller office in the centre of the city.

Europe's largest bank told staff its preferred option was to move to the redeveloped former offices of telecoms giant BT, a premises which is approximately half the size of its current HQ.

The company told employees the new premises “offers a modern office environment in the City, well-connected to major transport links and amenities. The building is being designed to promote wellbeing and constructed to best-in-class sustainability standards, using predominantly repurposed materials.”

The bank plans to move in late 2026, the memo said. Bosses had announced in 2021 that the company intended to reduce its office space around the world by nearly 40% as a cost-cutting measure, as well as in response to increased hybrid working.