HSBC intends to cut 40 percent of its office space in the coming years as part of a cost-cutting program. This will come at the expense of not renewing leases and will not affect the London headquarters, said Noel Quinn, the bank's chief executive. The company will move to a hybrid operating model, which involves doing a certain amount of work remotely. In 2020, the bank laid off 11,000 employees, including 17 percent of its management team.