The world headquarters of HSBC will possibly return to the City of London after leaving its 45-story Canary Wharf tower.
When its current lease expires in 2027, the banking behemoth must vacate 8 Canada sq\..
The bank says it is now committed to flexible working, so the move is a part of plans to reduce office space after the Covid-19 pandemic.
According to HSBC, a new lease on the former BT headquarters near St. Paul's Cathedral is being negotiated.
The bank's current headquarters, which has about 8,000 employees, will be much larger than the new office that is being proposed for the Panorama St. Paul's development.
The new construction, according to HSBC, "is being designed to promote wellbeing and constructed to best-in-class sustainability standards, using primarily repurposed materials.".
In 2002, HSBC relocated from its previous location on Poultry in the City of London, a structure Sir Edwin Lutyens designed specifically for the bank, to Canary Wharf.
Chris Hayward, chairman of the City of London Corporation policy committee, called HSBC's decision to relocate back to the sq\. Mile's historic financial district in London a "huge vote of confidence for the City.". "This action further enhances the City's standing as a top location for financial services companies, providing them with unmatched opportunities. He continued, "The City is a distinctive ecosystem that promotes cooperation and development.
Following the pandemic, HSBC informed staff that it would be cutting global office space by roughly 40% in order to save money and energy and enable more employees to work from home.
Noel Quinn, the company's chief executive, claimed that he believed managers frequently traveled during the week and that going to work five days a week was "unnecessary.".
The bank informed the BBC that after considering its future location last year, discussions about a move to this location started. It claimed that the new office would "support digital innovation" and aid in the company's efforts to achieve net zero carbon emissions.
