Come October and the staff of HSBC UK will be working out of their offices three days a week. HSBC UK had earlier allowed its teams to come up with their own hybrid work arrangements. This meant, some of these teams were able to work from home all the time.
However, the Bank claims that following a hybrid work pattern also meant evolving the policy and doing anything to ensure customer satisfaction. Therefore, now, the Bank has mandated that starting October, employees will have to be present in office or be present with customers for three days every week. It is pertinent to mention here that the Bank has a customer base that is 14 million strong and a workforce with 18,500 members.
Earlier, in June, the HSBC Group had revealed its intention to vacate its 20-year old Canary Wharf global headquarters and move to London. This was part of its cost-cutting measures, as the need for space had reduced with employees working from home.
In February this year, HSBC had revealed that it had reduced its yearly bonus pool by four per cent, to $3.4 billion in 2022 due to the economic slowdown. However, this measure had not impacted its CEO’s pay. In fact, Noel Quinn, CEO, HSBC, saw his pay package increase by 14% to 5.6 million pounds as compared to 4.9 million pounds the previous year.