HSBC and Hang Seng Bank phase out work-from-home flexibility for frontline staff in Hong Kong

HSBC and Hang Seng Bank are tightening work rules in Hong Kong, requiring traders and salespeople to return to the office from April 1. An internal memo indicates that client-facing staff must follow the new guidelines, with managers urged to lead by example.

In an internal memo seen by the South China Morning Post, HSBC, the city's largest bank, has asked client-facing staff, including traders and salespeople, to follow the new rules from April 1. Sources said Hang Seng Bank would follow the same rules.

Managing directors and senior managers with direct reports must attend the office at least four days a week, while all other staff need to be present at least three days, with one of those days being either a Monday or a Friday, subject to office space availability.

The memo urged people managers to lead by example, saying they were instrumental in driving good practice and experience. “We ask you to role model the change with clear guidance,” it added.

This policy shift marks a return to office attendance in the banking sector post-Covid-19 pandemic, though details are limited to frontline staff.

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Hang Seng Bank's delisting from the Hang Seng Index it helped create raises questions about Hong Kong's enduring financial symbols outliving their origins. The bank maintained a balance of global support and local autonomy, even after HSBC became its majority shareholder. For many shareholders, the recent privatisation vote was less a financial decision than an emotional reckoning.

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HSBC has completed a historic US$13.6 billion buyout of Hang Seng Bank to cut costs, tackle bad debts and fuel growth, though challenges remain. Investors worry that delisting Hang Seng limits options for exposure to Hong Kong and mainland China markets.

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