HSBC plans to relocate its global headquarters, possibly back to the City of London, from its 45-story Canary Wharf tower.
The banking behemoth must vacate 8 Canada sq\. by 2027, the year that its current lease expires.
The move is a part of the bank's plans to reduce office space after the Covid-19 pandemic because flexible working is now a priority, according to the bank.
The former BT headquarters near St. Paul's Cathedral is being offered a new lease by HSBC, according to the BBC.
Compared to the bank's current headquarters, which has about 8,000 employees, the new office that is being proposed for the Panorama St. Paul's development will be significantly smaller.
In a statement, HSBC stated that the new construction "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 to a structure designed for the bank by Sir Edwin Lutyens at Canary Wharf.
According to Chris Hayward, chairman of policy for the City of London Corporation, HSBC's choice to relocate back to the sq\. Mile's historic financial district in London is a "huge vote of confidence for the City.". This action enhances the City's standing as a top location for financial services companies, providing them with unmatched opportunities. The City is a "distinctive ecosystem that promotes cooperation and growth," he continued.
After the pandemic, HSBC informed staff that it would reduce office space globally by about 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 felt it was "unnecessary" for managers to travel frequently during the workweek and to report to the office five days a week.
The bank told the BBC that after a review of its potential location last year, negotiations to move to this location started. It claimed that the new office would "support digital innovation" and aid the company in meeting its net zero carbon commitments.