The global banking giant HSBC is planning to move its long-standing headquarters from Canary Wharf in London's Docklands, according to a memo sent out to staff.
HSBC, which is Europe's largest bank, told its workers that its preference was to move to Panorama St Paul's, the redeveloped former offices of telecoms company BT near St. Paul's cathedral in central London.
The bank has been headquartered at Canary Wharf for more than 20 years, and its lease is due to expire in 2027.
The memo stated that staff will move during 2026.
The new 556,000 square foot development at Panorama St Paul's is considerably smaller than the 45-storey block at 8 Canada Square in Docklands.
The move is illustrative of a trend towards smaller office spaces as more people opt to work from home for at least part of the week.
The HSBC building in Canary Wharf is owned by Qatar’s sovereign wealth fund, which bought it for about £1.1 billion ($1.4 billion) in 2014.
