Tight squeeze | HSBC facing major desk shortage at new London HQ

HSBC could face a major logistical headache when it relocates its London HQ in 2027, with projections indicating a shortage of thousands of desks as the bank pushes ahead with a three-day-a-week office attendance policy.

According to Bloomberg, senior leaders at the bank have forecast a shortfall of as many as 7,700 desks when HSBC makes the move from its long-standing base at Canary Wharf to the Panorama St Paul’s building on Newgate Street.

The issue stems from the combination of a growing headcount and a significant reduction in office space. The new headquarters, a former BT office currently undergoing a major refit, will provide just 556,000 square feet of workspace - half the size of the bank’s current 1.1 million square foot footprint at 8 Canada Square.

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That reduction could leave HSBC with space for around 4,400 employees, a marked drop from the 8,000-person capacity of its existing East London tower.