Jun. 23 at 10:30 AM
$HSBC HSBC return-to-office push hinders savings efforts, Bloomberg says
HSBC is estimating hundreds of millions in extra real estate costs as the company considers asking more employees to return to office, a move that would hinder the bank's efforts to find
$1.5B in annual cost savings, Harry Wilson of Bloomberg reports. CEO Georges Elhedery will have to make decisions related to whether the company will acquire more desk space for the lender's staff in London, Bangalore, Hyderabad, and Guangzhou, Bloomberg adds, citing people familiar with the matter. Securing the space necessary to support a return to work three days a week in those cities would cost approximately
$200M a year, one source said.
