HSBC set to cut travel budget in half as staff stay closer to home after pandemic
HSBC to cut travel budget in half as staff stay closer to home after pandemic.
The London-based bank said staff have grown accustomed to online video meetings and will have less need to travel around the world for face-to-face events in the years to come.
“We have learned to live and operate in a very different way,” chief executive Noel Quinn told Bloomberg.
A sign of the times: The London-based bank said staff have become accustomed to online video meetings and have less need to travel around the world.
Under Quinn’s leadership, HSBC – which has more than 200,000 employees – has embarked on a massive cost-cutting plan and is trying to reduce its offices by 40%. He’s even ditched his swanky executive floor in his Canary Wharf headquarters, meaning senior executives now have to work in an open-plan office.
The changes are expected to help HSBC cut its large cost base – the bank saved £ 217million on its own last year due to travel restrictions – but less business travel will hit airlines and hotels who are already struggling to recover after the closures.
But Quinn acknowledged that there would always be a need for office space.
“I don’t want to lose that DNA and that teamwork,” he said.