HSBC is thinking about requiring all employees to return to the office three days a week.

HSBC Considers Return-to-Office Policy Amid Changes

HSBC is exploring a plan to require employees to return to the office for at least three days a week, a move that reflects a broader effort among banks to consolidate their varied return-to-work strategies.

Discussions led by CEO Georges Elhedery involve senior corporate executives, and some managers have voiced their frustrations about the number of employees still working remotely. However, no definitive decisions have been reached, according to sources close to the talks. HSBC has opted not to comment on the ongoing discussions.

With around 211,000 full-time equivalent employees hired late last year, HSBC stands out among large global banks, most of which have already implemented stricter hybrid work requirements to encourage employees to return to physical offices.

Currently, decisions about the frequency of in-office work at HSBC are made by senior management for individual business units. HSBC UK has informed its staff that those who fail to spend at least 60% of their time in the office could see reductions in their bonuses.

If the new policy is adopted, it would set a minimum office attendance of three days per week, similar to what other UK banks like Barclays have done. However, unlike some Wall Street firms, which require five days in-office, HSBC’s approach would be less stringent.

Executives are eager to return to a pre-pandemic work environment, yet the challenge has been compounded by a shortage of desk space. Initially, hybrid work was viewed positively by former CEO Noel Quinn, who suggested reducing office space could cut costs significantly.

The bank had announced plans to relocate its headquarters from Canary Wharf to a smaller space near St. Paul’s Cathedral in London by 2023. Initially, all employees were expected to transition to the new headquarters by 2027, which also included downsizing from one of its costly leases in Mayfair by relinquishing several floors.

However, as HSBC grapples with finding desks for thousands of employees, it might retain some of its existing office spaces. Additionally, the bank may also consider leasing space at 40 Bank Street in Canary Wharf, a move that raises eyebrows given their decision to leave the area.