{"id":112421,"date":"2021-04-19T12:18:37","date_gmt":"2021-04-19T12:18:37","guid":{"rendered":"https:\/\/fin2me.com\/?p=112421"},"modified":"2021-04-19T12:18:37","modified_gmt":"2021-04-19T12:18:37","slug":"hsbc-may-have-to-choose-between-china-and-the-west","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/hsbc-may-have-to-choose-between-china-and-the-west\/","title":{"rendered":"HSBC may have to choose between China and the West"},"content":{"rendered":"<p><cite>London (CNN Business)<\/cite>HSBC is scrapping the executive floor at its Canary Wharf headquarters in London, as one of the world&#8217;s biggest banks slashes office space and moves towards new ways of working following the pandemic.<\/p>\n<p>The bank&#8217;s top executives, including CEO Noel Quinn, will no longer work from private offices with sweeping views of the city on the building&#8217;s 42nd floor, but will hot desk in open-plan areas two floors below. The offices have been turned into client meeting rooms and collaborative areas, according to the Financial Times.<br \/>\n<span>HSBC<\/span> <span>(<span>HBCYF<\/span>)<\/span> confirmed the contents of the FT report to CNN Business on Monday.<\/p>\n<ul><\/ul>\n<p>&#8220;Our offices were empty half the time because we were traveling around the world. That was a waste of real estate,&#8221; Quinn told the newspaper, adding that he won&#8217;t be in the office five days a week. &#8220;It&#8217;s the new reality of life.&#8221;<\/p>\n<ul><\/ul>\n<p>Earlier this year, Quinn said that HSBC plans to cut its global real estate footprint by 40% &#8220;over the next several years&#8221; and adopt a more hybrid model of working, with employees splitting their time between the office and home. To achieve this, the bank is not expected to renew many of its city-center leases due in the next few years.<\/p>\n<p>Other UK banks, including <span>Lloyds<\/span> <span>(<span>LLDTF<\/span>)<\/span> and <span>Standard Chartered<\/span> <span>(<span>SCBFF<\/span>)<\/span>, have also announced plans to dump expensive office space and offer flexible working arrangements to employees.<br \/>\nThe approach is also gaining traction at major companies globally, such as <span>Google<\/span> <span>(<span>GOOG<\/span>)<\/span> and <span>Microsoft<\/span> <span>(<span>MSFT<\/span>)<\/span>, after the pandemic forced a massive remote-work experiment that has meant many firms no longer see the need to have staff working from the office every day. <\/p>\n<ul><\/ul>\n<p>HSBC is also in the throes of a major overhaul that will slash 35,000 jobs and shift the bank&#8217;s focus to fast-growing markets in Asia, where it derives the majority of its profit.<br \/>\nIt said last week that it will move four of its most senior executives to Hong Kong later this year but keep its headquarters in London.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/04\/19\/business\/hsbc-exec-office-canary-wharf\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>London (CNN Business)HSBC is scrapping the executive floor at its Canary Wharf headquarters in London, as one of the world&#8217;s biggest banks slashes office space [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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