HSBC will soon be adopting tech-enabled hybrid working in order to formalize flexible working as well as to reduce its office spaces.
This decision was taken to cut costs and to follow the latest trend of remote working during the pandemic. HSBC CEO stated then that they will achieve this through a very different style of working post-Covid with a more hybrid model.
HSBC is one of the latest banks to formalize these work-from-home policies. This also led to an acceleration in the adoption of digital banking and a new strategy moving customers to digital channels.
However, this shift to digital banking means that many branches will have to close with many job losses.