HSBC to move out of Canary Wharf headquarters due to hybrid working

theguardian.com:

HSBC is to move out of its global headquarters in Canary Wharf after more than two decades to considerably smaller offices in the City of London, in response to post-pandemic hybrid working arrangements and a cost-cutting drive.

The financial services giant, which had up to 8,000 staff at the 45-floor tower at Canada Square during peak times before the pandemic, is to move to the former head office of telecoms company BT near St Paul’s cathedral.

HSBC, which has been based in Canary Wharf since 2002, has been examining its options since launching a review in September and will relocate before its existing lease expires in early 2027.

“We have a preferred option – Panorama St Paul’s, in the City of London,” said HSBC, in an email to staff on Monday. “We will now begin more detailed discussions on a potential lease, with the intention to move in late 2026.

“Panorama 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.”

In 2021, HSBC announced its intention to reduce its office space around the world by nearly 40% post-pandemic to cut costs and respond to increased hybrid working. The lender has more than 60 offices in the UK, with at least 10 in London, according to its annual report.

The new office, which is about half the size of HSBC’s east London base, was vacated by BT in 2019 as part of a multibillion-pound cost saving plan that involved shutting 20 of its 50 offices across the UK.

“HSBC’s decision to return here to the heart of the City of London is a huge vote of confidence for the City,” said Chris Hayward, the policy