HSBC looks at all employees’ request to the office 3 days a week

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HSBC is studying a global mandate to force employees to return to the office at least three days a week, as the bank seeks to reconcile the policies through its sprawling operations.

CEO George Ilidri Odeh discussed the group level to the office’s policy with the executives of the bank’s companies, according to the people participating in the deliberations, with some managers who express his frustration that many employees are still working mostly from home.

A person familiar with the talks said that the discussions are continuing and no decision has been taken yet. HSBC rejected the comment.

HSBC, which used 211,000 full -time employees at the end of last year, is externally among large international banks, most of which already provided a more striking hybrid work requirements in a campaign to return employees to the office.

in HSBCPolicies have been identified on the number of times that employees are expected to be in the office so far by the senior management of each different business line. HSBC UK has already told employees that they are expected to spend at least 60 percent of their time either in the office or with customers, or risk reducing rewards.

If adopted, the new rules will comply with HSBC with other UK lenders such as Barclays, which have provided the minimum requirements for the office’s attendance for three days a week before this year.

But they will stop the most difficult line approach that was adopted in Wall Street Banks including JPMorgan Chase and Goldman Sachs, which demanded all employees to the office five days a week.

While senior bank executives were keen to return to the life of work before birth and return employees to the office, the states have contributed to the lack of office that HSBC is going through to thousands.

Hybrid work was initially seen as positive by the former CEO of HSBC Noel Quinn, who said a decrease in the decrease in the real estate footprint would reduce 40 percent from the costs of the global main office.

The bank announced in 2023 that it will leave its headquarters in Canary Warf and move to a building with about half of the area near St. Paul’s Cathedral in London.

HSBC originally planned to transfer all employees to its new headquarters in 2027, including about 500 employees located on Queen Victoria Street, according to a person involved in the plans. It also planned to reduce the size of the Mayfair office, which includes the HSBC private bank and is among the most expensive rental contracts, by giving up several floors.

The person said that HSBC may end up keeping these offices as he tries to find offices for thousands of employees. They added that the bank is in the process of making more cuts in jobs, which will help reduce the number of offices needed.

HSBC is also studying the rental of office space in Canary Wharf at 40 Bank Street, an option to arouse eyebrows internally after the bank announced that it will leave the area.

“After cutting the umbilical cord, you want to go somewhat,” said one of the senior executives.