HSBC to leave Canary Wharf tower by 2027

The bank is hoping to leave the 45-storey tower by 2027 and move to the Panorama St Paul’s development.

Banking giant HSBC is set to exit its Canary Wharf office and relocate to a smaller base near London’s St Paul’s (PA) (PA Archive)

HSBC is set to exit its Canary Wharf office and move to a smaller base near London’s St Paul’s.

The bank is hoping to leave its 45-storey tower in Canada Square by 2027, 15 years after it was opened and when its current lease expires.

Ditching the site forms part of plans to downsize its office space following the pandemic, when, like other major firms, it embraced more flexible and hybrid working for staff.

The new head office is earmarked to be the former BT headquarters in the Panorama St Paul’s development in the City.

HSBC wants to use the space to focus on promoting wellbeing, digital innovation and meeting its net zero commitments – including using predominately repurposed materials for the building’s design.

The location has a pool and gym, cafes and market halls and a roof garden and restaurant.

It is expected be around half the size of its existing office, which can house about 8,000 staff, according to reports.

After the pandemic, HSBC reportedly told staff it was going to reduce office space globally by about 40% to reduce costs and energy and as more employees opt to work from home.

Chief executive Noel Quinn said he thought going to the office five days a week was “unnecessary” and its leadership team was often travelling to locations around the world during the week.

The decision to move comes after the bank launched a strategic view in September to determine the best future location for its global base in London.

HSBC will now ramp up talks on a potential lease at the new site, with plans to move in late 2026.