HSBC weighs up leaving Canary Wharf HQ

HSBC has said it may quit its Canary Wharf HQ. In an internal memo, the bank’s COO John Hinshaw told staff that HSBC was undertaking a review of “the best future location in London for our global headquarters”. Its lease on the 45-floor tower at 8 Canada Square, E14, is due to expire in 2027. The building is owned by the Qatar Investment Authority. In the meantime, HSBC plans to give up a quarter of the space it occupies in the tower, reflecting a shift to hybrid working. The decision, it said, would also “lower the cost of running the building and reduce the energy we use”. HSBC has previously said it would cut its global office space by 40% from 2019 levels. The bank has long faced calls to shift its headquarters to Asia, where it generates most of its profit, but Hinshaw said in his memo: “We will keep our global headquarters in London.” The Times (£) Photo by Petr Svarc/imageBROKER/REX/Shutterstock