HSBC to slash post-Covid office space by 40% as profits drop by a third

Bank also reaffirms greater shift towards Asia-Pacific, where most of its earnings come from

HSBC is to reduce its office space around the world by nearly 40% as part of sweeping cost cutting designed to capitalise on new part office-part homeworking arrangements after the pandemic.

The decision to move to new hybrid working arrangements was announced as HSBC confirmed it was accelerating its pivot towards Asia, including China and Hong Kong, despite concerns about the political crackdown in the former British colony.