HSBC is the latest bank to allow extensive work-from-home options for workers as the pandemic continues to deeply uproot traditional business models.

The British lender has changed its human resources guidelines to allow home-based remote working for as many as four days a week, according to a «Bloomberg» report, depending on an employee’s role and discussions with managers.

This follows earlier prompting by HSBC chief financial officer Ewen Stevenson who said the bank was considering further digitization of operations and hybrid working models. 

Remote working, according to Stevenson, could help reduce expenses as part of a broader overhaul to cut $4.5 billion of costs by 2022 and ax 35,000 jobs globally. 

Work Equipment

According to the new guidelines, a one-off allowance of up to HK$2,500 ($322) to purchase equipment will be made available for employees who commit to work at least two days per week from home for a minimum of 12 months.

The allowance can be used for items such as ergonomic work chairs, computer monitors and desks.

WFH Wave

The wave of banks considering permanent work-from-home measures is growing due to continued uncertainty regarding the pandemic and growth outlook. 

Earlier this week, DBS said it would allow its 29,000-strong workforce to work from home for up to 40 percent of the time as part of broader hiring and work measures announced. Last week, UOB said it would allow the majority of its 26,000 works the option to work remotely for two days a week. Similar measures are being rolled out at Standard Chartered globally. 

Risks Ahead

But not all are convinced about the approach in the long-term with some Wall Street heavyweights underlining potential risks. 

A J.P. Morgan spokesperson said that productivity was down and that younger employees could miss out on learning opportunities. The bank’s chief executive Jamie Dimon reportedly said last month that he expected serious social and economic damage from prolonged remote working conditions. 

Separately, Blackrock CEO Larry Fink also expressed concerns about lacking productivity and collaboration.