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HSBC staff in the UK have been told that they must return to working in the office for at least three days a week, or their bonuses could be cut.
A memo sent to staff noted that those “consistently not meeting 60 per cent office attendance will be considered in an individual’s overall performance assessment, which could lead to variable pay being impacted”.
While the company already had a hybrid working policy for three days per week attendance, the introduction of the data-led attendance role call is intended to support management in overseeing compliance with it.
From September it will now contribute towards overall assessment of variable pay, with managers given data on a monthly basis over those who fail to hit the 60 per cent target.
Around 24,000 people work across the company’s high street and commercial bank divisions around Britain.
It is the latest crackdown on working from home in the finance sector, with more banks demanding staff return to the office.
Senior bankers at Lloyds were told at the start of this year that bonuses could be cut unless they spent a minimum of two days a week in the office, while JP Morgan wanted staff back in the office full time from March. Around the same time, Barclays upped their in-office attendance requirements from two days to three.
James Gorman, chairman emeritus of Morgan Stanley, has previously criticised employees wanting to work from home too frequently.
“They don’t get to choose their compensation, they don’t get to choose their promotion, they don’t get to choose to stay home five days a week,” he said in a 2023 interview. “I want them with other employees at least three or four days.”
JP Morgan CEO Jamie Dimon has also said it is important for younger employees to learn from seniors in the office. “I’m not against people not wanting to [work in the office], but what they will not do is tell JPMorgan what to do,” he added recently.
HSBC declined to comment on the memo.