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HSBC plans to nearly halve office space over long term

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LONDON, Feb 23 (Reuters) - HSBC plans to nearlyhalve its office space globally over the long term as part of arenewed cost-cutting drive set out on Tuesday, in a further signthe COVID-19 pandemic is leading companies to make drasticchanges to working patterns.

HSBC aims to cut its office footprint by 40% over thelong-term, the bank said in an analyst presentation accompanyingits full-year results without giving further details.

The lender unveiled a revised strategy focused mainly onwealth management in Asia after the COVID-19 shock saw itsannual profits drop sharply.(Reporting by Lawrence White, Writing by Iain WithersEditing by Rachel Armstrong)