HSBC plans to nearly halve office space over long term

LONDON (Reuters) – HSBC 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.

(Reporting by Lawrence White, Writing by Iain Withers; Editing by Rachel Armstrong)