HSBC Holdings PLC (LSE:HSBA) is set to move its global HQ from Canary Wharf to a smaller office in central London after its lease expires, according to reports.
The lender told staff the news in a memo, seen by various media outlets.
HSBC's preferred option is to move to Panorama Saint Paul’s in the City with a relocation to its new office expected in late 2026.
The building was formerly an office for telecoms group BT Group PLC (LSE:BT.A) and was redeveloped by Orion Capital Managers.
HSBC said the move to a smaller office would help it meet net zero commitments and allow for flexible working.
HSBC had up to 8,000 people working at its Canary Wharf base at its peak, but that number has dropped since it embraced hybrid working after the pandemic.
It is reducing office space globally by about 40% and told staff in September that it was ditching a quarter of the space it occupied at 8 Canada Square to reduce costs and cut energy use.
John Hinshaw, HSBC chief operating officer, told staff at the time that it wanted “to have an even more flexible and dynamic workspace that meets the needs of colleagues and clients."