Banking giant HSBC Holdings is beginning a worldwide review of its office and retail footprint as part of its effort to cut costs and otherwise streamline operations, React News reports. The bank occupies about 3,000 properties in 62 countries.
London-based HSBC is likely to appoint a number of real estate specialists to oversee the process, which will generate nearly $1B in fees over a period of five years, according to React News. JLL has been doing global facilities management for HSBC under a deal that runs until next year.
With nearly $3T in assets, HSBC is one of the 10 largest banks in the world. Its…