HSBC to review Canary Wharf tower HQ, consider new London base

HSBC will undertake a review of whether to keep its global headquarters in London’s Canary Wharf financial district, according to a memo sent to staff and seen by Reuters on Thursday (Sep 29).

The bank said it had decided to undertake a review “of the best future location in London” ahead of its lease expiring at the 45-floor tower at 8 Canada Square in early 2027.

The bank said the review would include the option of staying and renovating the tower, adding it would keep its global headquarters in London.

HSBC, which is currently defending itself against calls for a break-up from its top investor, has long grappled with the optimal location for its business, with some urging it to shift its headquarters to Asia, where it makes the majority of its profits.

The memo outlined the lender’s approach to hybrid working since the Covid-19 pandemic and was signed by the bank’s group chief operating officer John Hinshaw.

HSBC said that pending the review, it would occupy 25 per cent less space in the tower by closing some floors and relocating teams, to lower the cost of running the building and save energy.

A HSBC spokesperson confirmed the contents of the memo.

Lenders globally have been shedding office space since pandemic lockdowns led to a reset in working patterns and many more staff working at least some of the time from home.

HSBC has a commitment to axe around 40 per cent of its office space – one of the most swingeing cuts targeted by a major bank.

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HSBC has occupied 8 Canada Square – which is one of the tallest buildings in Canary Wharf and bears the bank’s name – since 2002.

It has been home to up to around 8,000 HSBC employees, some of whom refer to it as the “Tower of Doom”. REUTERS