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HSBC sees cutting office space by 20% this year; other banks gear up for return

Apr. 27, 2021 2:19 PM ETHSBC Holdings plc (HSBC), JPMJPM, GS, HSBC, C, WFCBy: Liz Kiesche, SA News Editor13 Comments
  • HSBC Holdings (HSBC +4.2%) plans to reduce its office footprint by 20% and halve its previous travel costs as the pandemic pushed companies to rethink their work set-ups.
  • The bank expects to get halfway to its long-term goal for a

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Comments (13)

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For once, US banks should follow HSBC.
Lol, these banks aren't going back into leased office space. If they own it, yes some will return there....because corporate retail space value has tanked. If they are renting it and under contract, once that contract is up they are going home. Major metro areas relying on corporations holding office space downtown are going under and very soon.
29890185 profile picture
The difference between "using lot more video technology " and the personal on-site selling is that the people that travel will get the deals closed more often than having a customer sit in front of his ZM or skype set, stuck to his chair,,, or have they figured out how to do a business lunch "using lot more video technology" ? Guess who gets the contracts done.
Work from home aberration...I guess you’d have that perspective when you are insatiably driven by profits and employees are merely a tool in the toolbox to achieve those profits...all done under the brilliant disguise of our culture is about mentorship, innovation and collaboration.
Mike Schimek profile picture
@mikedigi65 Yeah, you should start a non profit bank. Find employees that are willing to work for free. Seeking to make profits is bad. Duh.

Or wait, this is an investing forum, maybe you should invest your money in companies that aren't motivated to make a profit. Yeah that should work out gud for u.
wal shoe profile picture
Yeah, a real woke comment
@Mike Schimek classic red herring....never said anything about employees working for free and profits are bad. Interestingly GS had it’s highest revenue year in over a decade. Maybe on the day Solomon made the remarks about the “abberation” he just found out his pay was cut by $10M.
Get back into the office. Nothing is getting done.
in this tech world, why would ANY company lease expensive office space.
there are tons of cities that would PAY people to move and work remotely
to their city.
NVE$TOR profile picture
these banks are outdated and will fail in due time, screw the execs
@NVE$TOR Yes but they have built and invested in physical facilities lots of $.
@cristobal cardona they won't have to worry about that, poppa govt will make sure they get a bailout
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