Latest news with #CanaryWharfGroup
Yahoo
08-08-2025
- Business
- Yahoo
HSBC makes U-turn on Canary Wharf exit after desks shortage
HSBC has rowed back on plans to quit Canary Wharf as a shortage of desks prompted the banking giant to sign up for a new lease in the ailing property district. The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October. It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City. The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper. Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs. However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters. The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027. HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff. Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.' The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic. Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance. However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile. Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf. In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering. The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
08-08-2025
- Business
- Telegraph
HSBC makes U-turn on Canary Wharf exit after desks shortage
HSBC has rowed back on plans to quit Canary Wharf as a shortage of desks prompted the banking giant to sign up for a new lease in the ailing property district. The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October. It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City. The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper. Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs. However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters. The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027. HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff. Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.' The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic. Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance. However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile. Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf. In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering. The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area.
Business Times
08-08-2025
- Business
- Business Times
HSBC takes extra space in Canary Wharf due to HQ squeeze
[LONDON] HSBC has signed a lease to take extra space in Canary Wharf before shifting its global headquarters away from the East London financial district, according to a company memo seen by Reuters, owing to a shortage of space at its planned new base in the central City of London area. The banking giant has signed a contract to take a number of floors at 40 Bank Street, not far from the 45-floor skyscraper it currently occupies in Canary Wharf, the memo said. Canary Wharf Group, the district's landlord, later confirmed that HSBC had signed a 15-year lease for 210,000 square feet at the Bank Street building. The lender is moving its headquarters in London to a building roughly half the size near St Paul's Cathedral but had realised it would lack sufficient space and had been assessing other options, Reuters has reported. HSBC will move staff into the new Canary Wharf office from early 2027, the company said in its memo, adding that it would continue to operate from multiple sites across London to access clients across the city. Bloomberg previously reported that HSBC was in discussions about leasing the space at 40 Bank Street. HSBC's decision will provide a boost to Canary Wharf, where office values have declined since the Covid-19 pandemic and several planned departures including HSBC and law firm Clifford Chance. Several companies have signed up for space in the district in recent months as return-to-office mandates have contributed to a shortage of quality space, particularly in the central City of London. Spanish bank BBVA has signed a lease to take 250,000 sq ft in Canary Wharf, Canary Wharf Group said this week, while fintech company Zopa is moving its headquarters to the district. REUTERS
CNN
30-06-2025
- Business
- CNN
Canary Wharf Group CEO on the Financial District's Future in London
"Canary Wharf has evolved into a place for both commerce, culture and community." Canary Wharf Group CEO Shobi Khan on the financial district's future in London
BBC News
14-05-2025
- Business
- BBC News
City Hall approves Canary Wharf 46-storey towe
Plans to build a 46-storey tower with more than 900 student bedrooms in Canary Wharf have been approved at City Hall despite the council voting the scheme a hearing on Tuesday, deputy mayor Jules Pipe said the project would "play an important role in helping London meet its annual housing targets", according to the Local Democracy Reporting scheme's approval comes after the plan was turned down by Tower Hamlets Council at a meeting in argued it could lead to an increase in antisocial activity and "noise and disturbance" for neighbouring residents, and that it was an "inappropriate location for student accommodation". In total, the scheme will deliver 912 new student bedrooms, of which 230 will be made available at "affordable" rates - no more than 55% of the market Pipe said: "Whilst this application is for purpose-built student accommodation, it nevertheless meets a housing demand equivalent to 364 homes."We're all aware of the urgent need to deliver more homes, and particularly genuinely affordable homes, if we're to tackle the housing crisis and boost economic growth."Jack Brewster, development director at the Canary Wharf Group, said it had been "very disappointing" when Tower Hamlets refused permission for the project after "over three years of design and engagement" on added that the masterplan was a crucial part of Canary Wharf's "process of transforming, through diversification".The council had received two objections from local residents in response to the plans, and City Hall received one after taking control of the application a few months ago. None of these objectors spoke at Tuesday's hearing, and the council also chose not to speak in defence of its decision to reject the high-rise student accommodation projects in Paddington and in Archway have also been "called in" by City Hall, with hearings expected for each in the next few months.
