HSBC riles Hong Kong bankers with plan to end private offices

BLOOMBERG

Senior investment bankers at HSBC Holdings Plc in Hong Kong could lose their private offices as the firm moves towards open-plan desks for the financial hub, causing angst among some executives who’ve complained about potential confidentiality risks.
The investment-banking division isn’t being singled out and the plan is in line with a broader move across the company, people familiar with the matter said, asking not to be identified discussing private information. Still, some bankers have warned that scrapping private offices may raise issues around privacy as senior executives often discuss sensitive information with clients.
The plan follows similar moves at HSBC headquarters in London two years ago when the lender scrapped the executive floor of its Canary Wharf base, leaving Chief Executive Officer Noel Quinn and other senior managers hot-desking. Globally, HSBC is looking to cut office space by 40% compared with the pre-pandemic levels.
HSBC’s main offices in Hong Kong are being renovated and once that’s completed, some senior investment bankers could lose their private offices, according to one of the people.
An HSBC spokesperson said the bank constantly evaluates its global real estate footprint “to optimise space where appropriate, to increase flexibility and choice for our people.”