Business

HSBC leaves Canary Wharf Tower, relocate new headquarters amid office space cut

The 46-storey Canary Wharf tower, Global headquarters of HSBC will move, possibly to the City of London.
The banking giant will leave 8 Canada Square in 2027 when its current lease expires in two decades.

The move is part of the bank’s plan to downsize its offices in the wake of the Covid-19 pandemic, as the bank said it is now committed to flexible operations.

HSBC told the BBC it was negotiating a new lease on BT’s former headquarters near St Paul’s Cathedral.
The proposed new office, in the Panorama St Paul development, would be much smaller than the bank’s current headquarters, which employs around 8,000 employees.

HSBC says the new development “is designed to promote wellbeing and is built to the highest sustainability standards, using predominantly recycled materials”.

HSBC moved to Canary Wharf in 2002, headquartered in locations in the City of London. City of London Corporation policy chairman Chris Hayward said HSBC’s decision to return to London’s historic financial district in the Square Mile was a “massive vote of confidence for the City”.

The move further strengthens the city’s reputation as a destination of choice for financial services firms, presenting them with unprecedented opportunities.

Following the pandemic, HSBC told staff it would reduce office space globally by around 40% to cut costs and energy and allow more staff to work from home. CEO Noel Quinn said he thinks being in the office five days a week is “unnecessary” and his managers often travel the world during the week.

HSBC said BBC talks had begun moving to the site after considering its future location last year. He said the new office will “support digital innovation” and help him meet his net zero carbon commitments. HSBC says moving to new offices will help it meet its net zero carbon commitments

It is not clear what the HSBC tower, owned by Qatari investors, will be used for when the bank moves out.
Canary Wharf Group, which owns and manages the property, would not comment on HSBC’s move, but said the area had become more diverse in recent years.

First a financial district, it is now home to a growing number of health care and life sciences companies.
The Canary Wharf Group said it also has 3,500 residents living in apartments that will be built on the site.

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