HSBC plans to nearly halve office space over long term

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Tue, 2021-02-23 22:31

LONDON: HSBC plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in a further sign the COVID-19 pandemic is leading companies to make drastic changes to working patterns.
HSBC aims to cut its office footprint by 40% over the long-term, the bank said in an analyst presentation accompanying its full-year results without giving further details.
The lender unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply.
 

HSBC aims to cut its office footprint by 40% over the long-term. (Reuters)
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HSBC reports profits fell 30% to $6.1bn in 2020HSBC to axe 82 branches in UK, cut services in others
Source: AN
HSBC plans to nearly halve office space over long term