According to a document seen by Reuters, HSBC will leave its Canary Wharf headquarters in east London for a much smaller location in the city center.
Europe’s largest bank told staff it opted to move to Panorama St Paul’s, BT’s former premises.
The document said the bank would move in late 2026.
The switch will hurt Canary Wharf’s 45-story building, where HSBC has been for over 20 years.
After many office workers worked from home during the COVID-19 pandemic, the worldwide commercial real estate market failed to recover.
According to Panorama St Paul’s website, the 556,000-square-foot construction with roof gardens overlooking St. Paul’s Cathedral is far smaller than HSBC’s tower.
Reuters said the bank initiated an assessment last year to determine its “best future location in London” before its lease at 8 Canada Square expired in early 2027.
The City of London’s policy chairman Chris Hayward said HSBC’s relocation confirms the City’s status as a financial services hub.
The Times published HSBC’s decision earlier Monday.
Canary Wharf Group, which manages the east London financial sector, rejected the comment. Life science enterprises are joining the Group.
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