HSBC bank is set to move its global headquarters out of Canary Wharf more than two decades after moving into the financial distriction.
The financial services giant is expected to leave its building at 8 Canada Square before the current lease expires in 2027.
A former headquarters for BT, Panorama St Paul’s, near St Paul’s Cathedral is expected to be the bank’s new location.
HSBC is currently based in a headquarters at Canary Wharf— (AFP/Getty)
HSBC has been contacted for comment.
The new base is set to accommodate about half the number of staff than are currently based at Canada Square.
It is believed the downsizing was triggered by the shift to remote work during and after the pandemic.
HSBC originally moved to Canary Wharf in 2002 and had previously been based at sites in the City of London.
This shift puts the bank at odds with its US counterparts such as JP Morgan and Goldman Sachs which have required a stricter return to the office policy by employees since 2020.
HSBC said the new space’s devlopment will be based around sustainability, according to chief operating officer John Hinshaw.
“(The new office) is being designed to promote wellbeing and constructed to best-in-class sustainability standards, using predominantly repurposed materials,” he said.
HSBC went on to say it “will now begin more detailed discussions on a potential lease, with the intention to move in late 2026.”
A proposed new space is close to transport links and is “a modern office environment in the City”, according to Mr Hinshaw.
Just after the pandemic HSBC told staff it intended to reduce the number of office-based roles globally by about 40 per cent in a bid to cut costs and to employees to work remotely.
It is not yet clear what will replace HSBC’s in its current tower when the bank moves out.
