HSBC bank employees in the UK have been told that their pay could be cut if they do not go into the office at least three days a week.

Staff at the finance giant have been warned via a memo that “consistently not meeting 60% office attendance will be considered in an individual’s overall performance assessment … which could lead to variable pay being impacted”.

Employees were also told that attendance would be more closely monitored from September, when managers would be given monthly data about employees who had failed to come in at least three days a week.

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The warning was sent to staff who work at HSBC’s UK high street and commercial banking division, which employs almost 24,000 people. They were told in 2023 that they were expected to spend 60% of their time in the office or with clients as part of the bank’s hybrid working policy.

The banking and finance sector has seen many firms push for more office attendance over fears of a lack of collaboration, training deficits, problems with team building and the onboarding of new recruits. At the end of 2024 KPMG published a survey showing that leaders were increasingly concerned over the slow pace of employees returning to their offices, many favouring two days in the office per week over four or five.

Karim Haji, global and UK head of financial services at KPMG, said: “Leaders see the commercial value of hybrid working models, particularly when it comes to attracting and retaining talent, but they are still expecting greater office attendance in the coming months to retain collaboration with colleagues and clients.”

Yesterday a study found that under half of UK workers would comply with a full-time return to office mandate. Researchers at King’s College London also found a slight increase in average permitted work-from-home days.

Academics at the Global Institute for Women’s Leadership at KCL found no evidence of a mass move back to offices on the part of employees, despite a number of high-profile CEOs and leaders heralding a “great return”.

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