Several European banks are reportedly planning to reduce the number of business trips permanently by 50% after the pandemic subsides.

This comes as the lenders adopt new strategies to trim operating costs and focus on reducing carbon footprint.

HSBC CEO Noel Quinn told the Financial Times that he is expected to nearly halve his travelling by taking longer and fewer trips. This will help in reducing the number of flights.

Separately, the UK’s Lloyds Banking Group committed to maintaining carbon dioxide emissions generated from travelling below 50% of 2019 levels.

Dutch lender ABN Amro is also planning to reduce air travelling by 50% of 2017 levels in the next five years.

Another senior executive of an unnamed bank told Financial Times that they are also planning to restrict travels.

Trimming business travels is expected to be relatively easier for local banks, the FT report said. However, multinational investment banks are also mulling such cuts.

The steps are anticipated to provide further blows to the airline and hospitality industry, which are already struggling with the impact of the Covid-19 pandemic.

According to Financial Times calculations, around 120,000 tonnes of carbon dioxide emissions will be eliminated annually, if the four largest banks in the UK reduce travelling by 50% of 2019 levels.

Notably, remote working surged following the outbreak. Several banks asked its non-front line staff to work from home in a bid to reduce contagion risks.