HSBC is set to open the doors on its new global headquarters in London in March or April 2027, according to Reuters.

Citing a senior executive at the bank, the newswire reported that HSBC is approximately six months away from completing the move from its 45-storey Canary Wharf tower to Panorama St Paul’s, in Central London.

Suzy White, group chief operating officer at HSBC, told Reuters that 7,000 of the bank’s 11,000 London staff will work at the site, a renovated 592,000 square foot space that formerly housed BT Group.

White added that the workforce will share approximately 4,600 desks and that HSBC does not plan major cuts as part of the move.

Alongside its new HQ, HSBC will keep some of its staff in Canary Wharf at a site in 40 Bank Street.

The lender signed a 15-year lease for the office space, totalling 210,000 square feet, in August 2025 after senior managers made clear that the Panorama St Paul’s site would not be able to provide desk space to its full corporate workforce in the city.

The move is part of a multi-year cost-cutting plan by HSBC and was touted by the bank as a site with “best-in-class sustainability standards” in 2021.

HSBC’s chief executive Georges Elhedery, who took the bank over in 2024, has pledged to make it a “simple, more agile, focused bank built for a fast-changing world”. In October, the Financial Times reported that the lender is planning major layoffs across its UK wealth management division, with up to 70 per cent of its financial advisers set to be cut.

In April, the BBC reported on documents seen by Tower Hamlet council suggesting that the Qatar Investment Authority is looking to redevelop HSBC’s old Canary Wharf headquarters, 8 Canada Square, could be redeveloped to include a 180-bedroom hotel.

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