HSBC UK has warned staff that their bonuses could be cut if they fail to spend enough time in the office.
In an announcement made yesterday, the bank informed employees that those who do not meet the requirement of spending at least 60 per cent of their time in the office or with customers could receive lower bonuses.
The policy will form part of employees' annual performance reviews, with line managers set to monitor office attendance more closely.
The move makes HSBC UK the latest major financial institution to tighten its approach to remote working as banks continue to roll back pandemic-era flexible working policies.
HSBC UK's directive will apply to all staff with office-based contracts. The bank has informed employees that line managers will be provided with more data to better monitor office attendance.
This attendance data will then be used when making decisions on pay, according to reports.
HSBC is closing 114 bank branches this year PAThe policy requires employees to be in the office or with customers for at least 60 per cent of their time, which equates to roughly three days a week on average.
Staff were notified this week via email that adherence to this policy would be considered during their annual performance reviews, potentially affecting their bonus payments.
HSBC UK, which encompasses the lender's British retail and domestic commercial banking units, is headquartered in Birmingham. The division employs approximately 23,000 people across its branches and offices throughout the country.
The requirement for staff to work from the office 60 per cent of the time was introduced around 18 months ago, in late 2023. The bank declined to comment on the latest announcement regarding the potential bonus cuts.
The memo sent to staff this week tying office attendance to bonuses was first reported by Bloomberg.
HSBC's move follows similar actions by other major banks seeking to limit remote working.
HSBC UKHSBC's move follows similar actions by other major banks seeking to limit remote working. Lloyds Banking Group adopted a comparable policy for its senior executives months ago, linking office attendance to bonus decisions.
Barclays has recently ordered all staff to work from the office for at least three days a week, up from a previous requirement of two days.
JPMorgan Chase has also demanded more regular office attendance, with CEO Jamie Dimon reportedly delivering a strong critique of remote working at a recent company town hall meeting.
Citigroup has shut its beachside Málaga office that offered junior bankers a better work-life balance, though it remains one of the few Wall Street banks allowing staff to work remotely two days weekly.
The trend of tightening office attendance policies extends beyond the banking sector. Major UK-based employers, including Big Four accounting firms PwC and EY, have introduced closer monitoring of staff presence in the workplace.
PwC UK told its 26,000 staff last year that it would track their office attendance in the same way it does their chargeable hours.
Similarly, consultancy firm PwC informed employees in September that it would start tracking their working location to ensure they met the mandate of working in the office or at client sites three days a week.
Despite this corporate push, official data shows that 28 per cent of working adults in Great Britain still maintained hybrid arrangements in autumn 2024.
Despite the corporate push for office returns, research suggests growing resistance from workers
PADespite the corporate push for office returns, research suggests growing resistance from workers. A recent study by King's College London found only 42 per cent of workers would comply with a mandate to be at their desks five days a week, down from 54 per cent three years ago.
The research revealed that 50 per cent would look for a new job allowing some home working if their employer tried to enforce full-time office attendance, up from 40 per cent in 2022.
Many formerly office-based staff who worked from home during the pandemic have grown accustomed to avoiding the daily commute, with some even relocating to homes further from city centres.
