HSBC UK has reportedly informed its retail banking staff that their annual bonuses could be reduced if they failed to meet in-office requirements, making it one of the latest major banks to tighten remote work policies. According to a report by The Independent, the company has sent a memo to its staff stating that those “consistently not meeting 60 per cent office attendance will be considered in an individual’s overall performance assessment, which could lead to variable pay being impacted”.
HSBC UK links office attendance with bonuses
HSBC UK, which employs around 24,000 people across its high street and commercial bank divisions around Britain, already has a hybrid working policy requiring employees to work from office three-days a week. As per the memo, the bank’s policy requiring its staff to spend at least 60% of their time in the office or with customers—will directly impact performance reviews and bonus payouts.
The updated directive applies to all employees with office-based contracts.
“The introduction of the data-led attendance role call is intended to support management in overseeing compliance with it,” the report stated.
Lloyds Banking Group, JP Morgan Chase and others roll back remote work policies
Notably, HSBC UK is not alone to introduce stricter remote work polices. The move follows similar actions by Lloyds Banking Group, which earlier tied senior executives’ bonuses to office attendance. The move comes amid a broader shift among banks and corporate employers away from pandemic-era remote work flexibility.
Globally, investment banks such as JPMorgan Chase, Barclays, and Citigroup have all rolled back remote working arrangements in recent months. JPMorgan CEO Jamie Dimon recently criticized remote work during a company town hall, while Citigroup shuttered its Málaga outpost known for offering junior bankers a better work-life balance.
Other UK firms, including Big Four accounting giants PwC and EY, have also begun more closely tracking in-office presence.
HSBC UK links office attendance with bonuses
HSBC UK, which employs around 24,000 people across its high street and commercial bank divisions around Britain, already has a hybrid working policy requiring employees to work from office three-days a week. As per the memo, the bank’s policy requiring its staff to spend at least 60% of their time in the office or with customers—will directly impact performance reviews and bonus payouts.
The updated directive applies to all employees with office-based contracts.
“The introduction of the data-led attendance role call is intended to support management in overseeing compliance with it,” the report stated.
Lloyds Banking Group, JP Morgan Chase and others roll back remote work policies
Notably, HSBC UK is not alone to introduce stricter remote work polices. The move follows similar actions by Lloyds Banking Group, which earlier tied senior executives’ bonuses to office attendance. The move comes amid a broader shift among banks and corporate employers away from pandemic-era remote work flexibility.
Globally, investment banks such as JPMorgan Chase, Barclays, and Citigroup have all rolled back remote working arrangements in recent months. JPMorgan CEO Jamie Dimon recently criticized remote work during a company town hall, while Citigroup shuttered its Málaga outpost known for offering junior bankers a better work-life balance.
Other UK firms, including Big Four accounting giants PwC and EY, have also begun more closely tracking in-office presence.
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