HSBC to leave Canary Wharf tower for new world headquarters

HSBC is to determination its satellite office from its 45-storey Canary Wharf tower, perchance backmost to the City of London.

The banking elephantine is to determination retired of 8 Canada Square by 2027 erstwhile its existent lease expires, aft 2 decades.

The determination is portion of plans to downsize its bureau abstraction pursuing the Covid-19 pandemic, arsenic the slope says it is present committed to flexible working.

HSBC has told the BBC it is negotiating a caller lease connected BT's erstwhile office adjacent St Paul's Cathedral.

The projected caller office, successful the Panorama St Paul's development, volition beryllium overmuch smaller than the bank's existent headquarters, which houses astir 8,000 staff.

HSBC said the caller improvement "is being designed to beforehand wellbeing and constructed to best-in-class sustainability standards, utilizing predominantly repurposed materials".

HSBC moved to Canary Wharf successful 2002 from its erstwhile location connected Poultry successful the City of London.

HSBC's determination to instrumentality to London's historical fiscal territory wrong the Square mile is simply a "huge ballot of assurance for the City", said the City of London Corporation argumentation chairman, Chris Hayward."This determination further solidifies the City's estimation arsenic a premier destination for fiscal services firms, offering them unparalleled opportunities.After the pandemic, HSBC told unit it was going to trim bureau space globally by astir 40% to trim costs and vigor and let much employees to enactment from home.

Chief enforcement Noel Quinn said helium thought going to the bureau 5 days a week was "unnecessary" and its managers were often travelling to locations astir the satellite during the week.

HSBC told the BBC that talks began into a determination to this tract aft a reappraisal into its aboriginal determination past year. It said the caller bureau would "support integer innovation" and assistance it conscionable nett zero c commitments.

It is not known what HSBC's tower, owned by Qatari investors, volition beryllium utilized for erstwhile the slope moves out.

The Canary Wharf Group, which owns and runs the estate, has not commented connected HSBC's determination but said the country had go much divers successful caller years.

Having started beingness arsenic a fiscal district, it is present location to a increasing fig of wellness and beingness subject firms.

It besides has 3,500 residents surviving successful build-to-rent flats connected the site, the Canary Wharf Group said.