As part of its new working approach amid the Covid-19 pandemic, HSBC is reportedly moving top bankers out of their private offices on the 42nd floor of its Canary Wharf, London headquarters.

These executives, which include the bank’s CEO Noel Quinn, will now hot desk on open-plan areas two floors below, Quinn told the Financial Times.

The private offices will not be converted into client meeting rooms and collaborative spaces.

Quinn called the old approach a waste of real estate and called the new move “new reality of life”.

Elaborating the move, he said that he hinmeself was out of the office five days per week.

“Our offices were empty half the time because we were travelling around the world,” he said.

“If I’m asking our colleagues to change the way that they’re working, then it’s only right that we change the way we’re working,” he added.

The bank, which is currently in the midst of a 35,000 downsizing programme, eventually plans to reduce its office space by 40%.

It does not intend to renew several of its city-centre leases due to expire over the next three to five years, Quinn told the publication.

Besides, it is adopting a policy of around two employees per desk, excluding branches.

Recently, it was reported that HSBC is providing over 1,200 call centre employees in the UK to permanent home working contracts.

Nearly 70% of HSBC’s 1,800 call centre staff in England, Wales and Scotland have reportedly volunteered for permanent remote working.

Other banks in the UK too are adopting flexible working approaches.

In February this year, it was reported that Standard Chartered will surrender several floors in its main offices in Hong Kong in a bid to lower costs.

Similarly, in December 2020, a report said that Barclays is considering trimming its office space in the UK, the US, and India to cut costs.