HSBC plans to nearly halve office space over long term – Malta subsidiary sees 66% drop in profit

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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

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