HSBC is considering a sweeping global policy to require employees to be in the office at least three days a week, according to a report by the Financial Times, as the banking giant looks to unify its hybrid working practices across its global operations and align more closely with peers in the financial sector.
Group chief executive Georges Elhedery has been in discussions with senior executives across the bank regarding a group-wide return-to-office mandate, people familiar with the matter told the Financial Times. The talks come amid growing frustration among some managers who say a large share of staff continue to work mostly from home, years after pandemic restrictions were lifted.
While no final decision has been made, and HSBC declined to comment publicly, the potential policy marks a shift from the bank’s more flexible approach to hybrid working in recent years. Currently, decisions on office attendance at HSBC are left to the discretion of senior leaders in each business unit.
HSBC, which had 211,000 full-time equivalent employees globally at the end of 2024, has been something of an outlier among major global banks. Competitors such as Barclays have already implemented return-to-office mandates, requiring staff to be physically present at least three days a week. Wall Street firms including JPMorgan Chase and Goldman Sachs have gone even further, enforcing full-time, five-day office attendance for most staff.
HSBC UK has already introduced a policy requiring staff to spend at least 60% of their time in the office or with clients, warning that non-compliance could result in reduced bonuses.
Across industries, many companies are re-evaluating remote work arrangements. UK retailer John Lewis, for instance, recently mandated that certain commercial staff—including buyers and designers—return to the office or fieldwork three days per week to foster better collaboration. However, the broader John Lewis Partnership, which includes supermarket chain Waitrose, maintains a flexible working policy.
Internally, HSBC executives have pushed to restore a more traditional office-based culture, though that shift has been complicated by a shortage of available desks. Hybrid working had previously been championed by former CEO Noel Quinn, who argued that a reduced office footprint could slash head office costs by as much as 40%.
In line with that cost-saving strategy, HSBC announced in 2023 that it would vacate its longtime Canary Wharf headquarters and relocate to a smaller office near St Paul’s Cathedral by 2027. The bank intended to consolidate operations from multiple locations, including roughly 500 staff from Queen Victoria Street and scale down its Mayfair private banking office by relinquishing several floors.
However, the renewed focus on in-office work may force the bank to revisit those plans. A person familiar with the situation said HSBC is now considering retaining more office space — and may even rent floors at 40 Bank Street in Canary Wharf, despite the bank’s previous decision to exit the area.
“Having cut the umbilical cord, you kind of want to go,” said a senior executive, commenting on the apparent reversal.
Ongoing job cuts may ease some of the space constraints, but the bank’s leadership appears increasingly committed to bringing staff back together under one roof — or several — as it redefines the future of work within its global operations.
