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HSBC chief executive Noel Quinn has abolished the entire executive floor of its Canary Wharf skyscraper in east London as the bank becomes the latest to push for radical changes to post-pandemic work practices.
Quinn told the Financial Times that senior managers have been removed from their private offices on the 42nd floor, which have become meeting rooms and collaboration spaces for clients. Executives, including the CEO, are now a hot desk in a two-story open-plan apartment.
“Our offices were empty half the time because we were traveling the world. That was a waste of real estate, ”he said. “If I ask our colleagues to change the way we work, it is right that we change the way we work.
“We do not have a designated desk. You show up and grab one in the morning, “he added.” I won’t be in the office five days a week. I don’t think it’s necessary… It’s the new reality of life. “
HSBC has made previous efforts to modernize a culture that has been compared to the vast civil function of the British imperial era. More than 20 years ago, the management he told the staff preparing to move to Canary Wharf’s new headquarters, which was “encouraged to adopt the open floor plan design”.
Quinn would come more changes, Quinn promised. To achieve its goal of cutting 40% of the overall costs of headquarters, HSBC has no plans to renew many of its downtown leases in the next three to five years. The bank also moves to a policy of about two employees per counter, excluding branches.
“From now on we will have a very different style of work, which will be much more hybrid, where colleagues can work in the office and at home,” the general manager said.
Quinn, a 59-year-old plainclothes HSBC boy from Birmingham, also points to other parts of the bank’s operations.
The bank is in the middle of a program to cut 35,000 jobs to reduce its workforce to about 200,000. This will help eliminate $ 5.5 billion in costs, with profits under the pressure of ultra-low interest rates and a slowdown in world trade.
Change HSBC’s Covid-related office echo your peers.
Britain’s largest mortgage lender nationally will do just that to allow its 13,000 office workers will work from home full time if they wish. Lloyds is conducting hybrid work tests this spring after 77% of employees “expressed a desire” to continue working remotely.
Standard Chartered signed one agreement with flexible office firm IWG to allow many of its 95,000 employees to work from places close to home rather than commuting to cities.
Quinn, who has been at the helm for more than a year and a half, has begun to leave his mark on other aspects of the bank’s leadership. Last week, he changed four top division executives in Hong Kong from London.
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