International banking giant HSBC said that it 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.
Meanwhile, the Maltese subsidiary of the Bank, HSBC Bank Malta, reported on Tuesday morning that its profits had decreased by 66% in 2020, to 10.4m. It recommended a gross final dividend of 1.16 cents per share (0.75 cents per share net of tax).
via Reuters / HSBC