HSBC isn’t about to throw away its pandemic-era ways of working.
The bank, which is in the midst of a historic pivot and cost-cutting programme, predicts it will be operating in a profoundly different way after the virus outbreak ebbs, with as many as 70 per cent of its staff backing a hybrid working model and with its business travel budget cut in half.
“My own view on the return to office is it would be a waste if we didn’t learn from the last 18 months,” chief executive Noel Quinn said in a Bloomberg Front Row interview.
The bank has had more than 90 per cent of its staff working from home during the outbreak, managing to deliver on both cost cuts and a turnaround in key businesses.
I’m really glad to be back in the office, seeing colleagues and having conversations in the corridor or in getting stuff done on the spur of the moment, rather than having to book a VC call or a telephone call
Noel Quinn,
chief executive, HSBC
HSBC expects to shrink its property footprint by 40 per cent and doesn’t plan to renew many of its city centre leases over the next few years. The lender is shifting to a policy of about two employees per desk, excluding branches, and has even scrapped the executive floor at its Canary Wharf headquarters in London.
While Mr Quinn said he doesn’t want to be “overly prescriptive”, his expectations are now that staff who are able to would be allowed to work about three days of the week in the office. But he’s also aware of the benefits of office culture.
“I don’t want to lose that DNA and that teamwork,” he said. “I’m really glad to be back in the office, seeing colleagues and having conversations in the corridor or in getting stuff done on the spur of the moment, rather than having to book a VC call or a telephone call.”
Lenders such as Citigroup have also signalled a permanent shift in work-from-home rules, while Goldman Sachs Group and Morgan Stanley’s top executives have called for almost a full return, albeit with some flexibility.
At the same time, the drawn-out calamity of the pandemic has also caused the lender to look hard at business travel. The firm now expects its travel budget to be reduced by 50 per cent.
“We’ve learned to live and operate in a very different way,” he said.
These lessons have been learned across the global business landscape. A Bloomberg survey of 45 large businesses in the US, Europe and Asia showed that 84 per cent plan to spend less on travel post-pandemic. A majority of those cutting travel budgets see reductions of between 20 per cent and 40 per cent, with about two in three slashing both internal and external in-person meetings.
Still, the chief executive is looking forward to once again being able to visit China, the market where HSBC is now spending billions of dollars as part of a pivot to Asia.
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
THREE
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
UAE currency: the story behind the money in your pockets
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Final: England v South Africa, Saturday, 1pm
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England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
Killing of Qassem Suleimani
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Group B
Bayern Munich v Tottenham, midnight (Thursday)
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Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
The five pillars of Islam
Wonka
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