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FinanceHSBC plans to nearly halve office space over long term

Reuters
1 minute read

An HSBC bank logo is pictured during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., October 19, 2020. REUTERS/Carlo Allegri

HSBC (HSBA.L) plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in a further sign the COVID-19 pandemic is leading companies to make drastic changes to working patterns.

HSBC aims to cut its office footprint by 40% over the long-term, the bank said in an analyst presentation accompanying its full-year results without giving further details.

The lender unveiled a revised strategy focused mainly on wealth management in Asia after the COVID-19 shock saw its annual profits drop sharply. read more


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