HSBC is considering moving out of its global headquarters in Canary Wharf, as the bank shifts to hybrid working and cuts back on office space.

The UK lender told staff in a memo that is aiming to shrink the amount of space it occupies in 8 Canada Square by 25% as it looks to slash both costs and energy usage. Meanwhile, it is exploring leaving its global headquarters altogether when the lease expires in five years, its group chief operating officer John Hinshaw told employees.