In a memo obtained by Reuters, HSBC, Europe's largest bank, has announced its intention to depart from its longstanding headquarters in Canary Wharf, East London, in favor of a smaller

office space located in the heart of the city.

The bank has expressed its preference for relocating to the revitalized former premises of telecommunications company BT, known as Panorama St Paul's. HSBC initiated a review last year to determine its optimal future location in London, coinciding with the expiration of its lease at the 45-floor tower at 8 Canada Square, scheduled for early 2027.

The Times was the first to report on HSBC's decision earlier today, shedding light on the bank's plans for the relocation. Photo by Tintazul, Wikimedia commons.