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HSBC said it would cut office space nearly in half in response to Covid-19 pandemic

London-based HSBC has $3 trillion in assets and mostly conducts business in Asia, but it also is a significant player in New York from its U.S. headquarters building overlooking Bryant Park. The bank has nearly 150 branches—located mainly in and around the city—which it is considering selling. HSBC incurred $280 million in occupancy costs last year for its U.S. branches and offices.

Officials said it would take several years to shrink the bank’s global office footprint.

The move comes as HSBC lowers overhead and restructures business lines. Its performance has trailed JPMorgan and other rivals on the global stage for many years.

“We’re going to stop trying to be everything to everyone.” Chief Executive Noel Quinn said….

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