HSBC wants to cut travel budget in half as employees stay closer to home after the pandemic
HSBC will cut its travel budget in half as employees stay closer to home after the pandemic.
The London-based bank said employees have become used to online video meetings and will have less need to fly around the world for in-person events in the years to come.
“We learned to live and act in very different ways,” CEO Noel Quinn told Bloomberg.
A sign of the times: the employees of the London bank have got used to online video conferencing and do not have to fly around the world as much
Under Quinn’s leadership, HSBC – with more than 200,000 employees – embarked on a massive cost-cutting plan and attempted to strip 40 percent of its office space. It even got rid of its swanky executive suite at its Canary Wharf headquarters, which means top managers now have to work on the hot desk in an open plan office.
The changes should help HSBC cut its weighty cost base – the bank raised $ 217 million last year alone due to travel restrictions.
But Quinn admitted that there would still be some need for offices.
“I don’t want to lose this DNA and this teamwork,” he said.