The Blubber

HSBC has informed employees at its UK retail branches that their bonuses could be reduced if they don’t meet in-office attendance expectations.

According to Bloomberg, the bank told staff within its HSBC UK division — which includes its retail banking and domestic commercial operations — that those failing to spend at least 60% of their time working on-site could face lower compensation.

This move reflects a broader trend among banks tightening their remote work policies. In January, Barclays increased its in-office requirement from two days to three per week for most employees. Similarly, Santander implemented a three-day office mandate last year.

HSBC’s UK arm, based in Birmingham, introduced the 60% in-office requirement in 2023. On average, that equates to roughly three days per week. The division employs around 23,000 people across branches and offices.

The bank has reportedly told staff that attendance will be more closely tracked by managers, and adherence to the policy will be considered during annual performance evaluations, according to the Financial Times.

Elsewhere, consulting firm PwC told its employees in September it would begin monitoring their work locations to ensure they complied with a three-day in-office or client-site workweek.

Across the Atlantic, stricter return-to-office mandates are also emerging. BlackRock, the world’s largest asset manager, is reportedly preparing to require senior leaders to be in the office five days a week. JPMorgan Chase has already asked all employees to return full-time.

Citigroup remains one of the few major Wall Street banks maintaining a hybrid model, allowing staff to work remotely two days per week.

While companies pushed for a return to physical offices after the pandemic, data from autumn 2024 shows that about 28% of working adults in Great Britain were still engaged in hybrid work.

However, a recent study suggests that remote work’s potential to rebalance the UK economy hasn’t been fully realized. It found that the dominance of hybrid — rather than fully remote — jobs has not encouraged professionals to relocate beyond major urban centres.