The HSBC headquarters stand in the financial district of Canary Wharf, in London, March 13, 2023. (PHOTO / AP)

LONDON - HSBC has decided to leave its long-standing headquarters in Canary Wharf in east London in favour of a move to a much smaller office in the centre of the city, according to a memo seen by Reuters.

Europe's largest bank told staff its preferred option was to move to the redeveloped former offices of telecoms firm BT, a development known as Panorama St Paul's.

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The bank began a review to assess its "best future location in London" last year, Reuters reported, ahead of its lease expiring at the 45-floor tower at 8 Canada Square in early 2027.

The Times first reported HSBC's decision earlier on Monday.