![]() HSBC tower is owned by the Qatar Investment Authority (QIA) separately from Canary Wharf Group (CWG), which in turn is co-owned by the QIA and Canadian private equity firm Brookfield. The move by the bank, which last September announced it was reducing the space occupied in Canary Wharf by a quarter to reduce costs and cut energy use, leaves the tower’s owners with a major task to replace the long-term tenant in straitened financial conditions. HSBC had previously been headquartered in Poultry in the City of London, in offices dubbed the “palace of finance”, which was built in 1930. “This move further solidifies the City’s reputation as a prime destination for financial services firms, offering them unparalleled opportunities.” “HSBC’s decision to return here to the heart of the City of London is a huge vote of confidence for the City,” said Chris Hayward, the policy chair at the City of London Corporation. The new office, which is about half the size of HSBC’s east London base, was vacated by BT in 2019 as part of a multibillion-pound cost saving plan that involved shutting 20 of its 50 offices across the UK. The lender has more than 60 offices in the UK, with at least 10 in London, according to its annual report. In 2021, HSBC announced its intention to reduce its office space around the world by nearly 40% post-pandemic to cut costs and respond to increased hybrid working. The building is being designed to promote wellbeing and constructed to best-in-class sustainability standards, using predominantly repurposed materials.” “Panorama offers a modern office environment in the City, well-connected to major transport links and amenities. “We will now begin more detailed discussions on a potential lease, with the intention to move in late 2026. ![]() “We have a preferred option – Panorama St Paul’s, in the City of London,” said HSBC, in an email to staff on Monday. HSBC, which has been based in Canary Wharf since 2002, has been examining its options since launching a review in September and will relocate before its existing lease expires in early 2027. ![]()
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