HSBC to Cut Office Space 20%, Reduce Business Travel by Half
- Shift to hybrid working is changing demand for offices
- Lender sees some business trips being replaced by video calls
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HSBC Holdings Plc expects to cut its office footprint by 20% this year and is budgeting for half its previous business travel costs as the adoption of flexible working spurs changes to longstanding practices.
The bank, which has already committed to a 40% reduction in office space in the long term, expects to get halfway to its goal over the course of this year, Chief Financial Officer Ewen Stevenson said in an interview with Bloomberg Television Tuesday.