HSBC to leave Canary Wharf tower for new world headquarters

HSBC is to move its world headquarters from its 45-storey Canary Wharf tower, possibly back to the City of London.

The banking giant is to move out of 8 Canada Square by 2027 when its current lease expires, after two decades.

The move is part of plans to downsize its office space following the Covid-19 pandemic, as the bank says it is now committed to flexible working.

HSBC has told the BBC it is negotiating a new lease on BT's former headquarters near St Paul's Cathedral.

The proposed new office, in the Panorama St Paul's development, will be much smaller than the bank's current headquarters, which houses about 8,000 staff.

HSBC said the new development "is being designed to promote wellbeing and constructed to best-in-class sustainability standards, using predominantly repurposed materials".

HSBC moved to Canary Wharf in 2002 from its former home on Poultry in the City of London, a building designed for the bank by Sir Edwin Lutyens.

HSBC's decision to return to London's historic financial district within the Square mile is a "huge vote of confidence for the City", said the City of London Corporation policy chairman, Chris Hayward."This move further solidifies the City's reputation as a prime destination for financial services firms, offering them unparalleled opportunities."The City is a "unique ecosystem that fosters collaboration and growth," he added.

Chief executive Noel Quinn said he thought going to the office five days a week was "unnecessary" and its managers were often travelling to locations around the world during the week.

The bank told the BBC that talks began into a move to this site after a review into its future location last year. It said the new office would "support digital innovation" and help it meet net zero carbon commitments.