HSBC is reportedly planning to offload private offices in Hong Kong, including in the investment banking division, as part of broader global plans to cut its real estate footprint.
Hong Kong-based senior investment bankers at HSBC could lose their private offices, according to a «Bloomberg» report citing unnamed sources, as part of plans to transition to an open-plan desk arrangement.
While there are still private rooms available, some anonymous bankers have warned against the move due to concerns about privacy risk from open discussions about sensitive client information.
Real Estate Reduction
Globally, HSBC is planning to cut office space by 40 percent compared to pre-pandemic levels. Since 2019, it has reduced its office real estate footprint by 37 percent and branches by 21 percent.
Two years ago, the British lender also eliminated the executive floor of its London headquarters with CEO Noel Quinn, alongside other senior managers, subsequently adopting a hot-desking arrangement.
