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HSBC told staff at UK retail banks that if they don’t come to the office frequently enough, bonuses could be reduced.
HSBC UK this week began to monitor line managers’ attendance in the office more closely, informing staff that compliance with its policy will form part of their annual performance review, according to those familiar with the issue.
He added that if employees were not meeting the bank’s previously announced requirements, they could have received a lower bonus if they had the requirement to spend at least 60% of their time with the office or customers.
The move will make HSBC UK the latest bank to strengthen its approach to homework, coming months after the UK’s largest retail lender, Lloyd’s Banking Group, adopted a similar policy to senior executives when awarding bonuses. HSBC UK directives apply to all staff in office-based agreements.
Investment banks have also begun to return to their working policies during the pandemic era. Jamie Dimon, CEO of JPMorganChase, has provided broadside for remote working at a recent company town hall meeting.
Dimon’s JP Morgan and Barclays have requested more regular office attendance in recent months, but Citigroup has closed its Beachside Malaga office, which offers a better work-life balance for junior bunkers.
HSBC UK, which includes lenders’ UK retail and domestic commercial banking units, will begin providing more data to line managers so that they can better monitor office attendance under the latest policies, said someone familiar with the issue.
Other UK-based employers, including Big Four’s accounting firm PWC and EY, are also implementing close monitoring of office attendance. PWC UK said last year, 26,000 staff members will track office attendance in the same way they run billable times.
The requirement for HSBC UK staff to work from the office was introduced 60% of the time, or on average, three days ago per week. The bank employs 23,000 people in its branches and offices.
This week, a note linking office attendees to bonuses was first reported by Bloomberg.
HSBC UK declined to comment.
