HSBC: FTSE 100 giant mulls return to office mandate
Banking juggernaut HSBC is exploring a global mandate that would force employees back into the office for at least three days a week.
The lender’s considerations come straight from the top, with chief executive Georges Elhedery meeting with executives across the business to discuss a group-wide return.
Discussions are still said to be going, as reported by the Financial Times, and a decision is yet to be formally made.
HSBC had over 211,000 full-time staff on the books at the end of last year and remains the dissenter among its peers who have already pushed for employees to return to the office.
In the UK the firm employs around 34,700 people across sectors including retail, private, commercial and investment banking.
Lloyds led the charge back in September 2023 calling for staff to work in the office at least two days a week.
Meanwhile, Barclays introduced a minimum office attendance requirement of three days a week earlier this year.
On Wall Street, lenders have adopted a robust approach with the likes of JP Morgan Chase and Goldman Sachs mandating staff to work in-office five days a week.
HSBC is amid a move from Canary Wharf to the City, which will significantly downsize the firm’s office space.
The bank is reportedly facing a desk shortage for its thousands of employees moving offices.
HSBC slashing headcount
This comes amid a business-wide cull as part of Elhedery’s restructuring overhaul at the lender.
HSBC has trimmed its investment banking division as part of Elhedery’s plans to save $3bn through cost-cutting.
Much of the bank’s decisions have targeted European operations, including slashing ten per cent of its work force in France and ditching its UK Corporate and Investor Conference – a key event connecting UK business leaders, analysts and investors.
A key part Elhedery’s restructure strategy targets splitting the business into “eastern markets” covering the Asia-pacific and the Middle East and “western” with the Americas and Europe.
This has resulted in honing operations in on Asia, where the bank’s chief has said the group had “broad steady growth”.