HSBC UK to Slash Bonuses for Employees Falling Short of Office Attendance Rules
HSBC UK has warned its retail banking staff that their annual bonuses could be reduced if they consistently fail to meet office attendance expectations. This makes the banking giant the latest in a growing list of financial institutions tightening their stance on remote work.
According to The Independent, HSBC has informed its employees via an internal memo that meeting the minimum 60% in-office attendance requirement is now a key part of overall performance evaluations. Falling short could directly affect an employee’s variable pay.
The policy applies to all employees with office-based contracts and reinforces the bank’s existing hybrid work guideline, which calls for staff to be in the office—or spending time with clients—at least three days per week. HSBC, which employs about 24,000 people across the UK in its high street and commercial banking arms, is using data-led tracking tools to monitor compliance.
“The aim of this new system is to help managers ensure attendance policies are being followed,” the memo stated.
Remote Work Policies Being Rolled Back Across the Industry
HSBC’s stricter stance mirrors actions taken by other major institutions. Lloyds Banking Group, for instance, has also linked bonuses for senior leaders to office presence. Meanwhile, global investment banks like JPMorgan Chase, Barclays, and Citigroup have all recently scaled back their flexible work policies.
JPMorgan CEO Jamie Dimon has publicly criticized remote work, calling it detrimental to company culture. Citigroup, meanwhile, closed its Málaga office—once praised for improving junior bankers’ work-life balance—as part of its shift back to traditional work structures.
The move toward in-office work isn’t limited to banks. Prominent UK firms including PwC and EY have also begun closely monitoring employee presence in physical workspaces, signaling a widespread corporate shift away from the remote-first policies adopted during the pandemic.
