Technology will enable HSBC, Britain’s biggest bank, to halve the 8,000-strong workforce at its Canary Wharf head office within seven years, its chief executive said yesterday.

Michael Geoghegan said he expected at least 4,000 employees to work from home or on the road by 2014, rather than at desks in the bank’s £1.1 billion headquarters. HSBC started preparing for its downsizing in April when it sold its headquarters to the Spanish property group Metrovacesa in the UK’s biggest single property deal. It has an agreement to lease back the premises for 20 years.

Speaking at a financial conference in Lisbon yesterday, Mr Geoghegan said: “I’ve challenged us within seven years to have 50 per cent of that building empty, to sublet to someone else. I don’t think we’re a really progressive, perceptive company if 8,000 people have to get up every day at an unearthly hour and go back again. Technology should change our thought process.”

He said that he intended to shift expenditure from staff to technology to enable the change. HSBC has more than 10,000 offices in 83 countries.

Almost 42,000 people are employed by banks at Canary Wharf. Citigroup is expected to shed some of its 9,000 employees there after announcing in April that it would relocate some jobs.

However, most banks plan to maintain or increase their staff numbers in Canary Wharf. Bear Stearns is having a new, larger European head office built in the area that is due for completion in mid2009.

Mr Geoghegan’s comments came as the Equal Opportunities Commission accused British companies of being among the least successful businesses in Europe at flexible working practices. A study released yesterday by the commission showed that just 20 per cent of UK employers allowed workers to telework, compared with about 40 per cent in Germany, Sweden and Denmark. Flexi-time is available at about 48 per cent of UK companies, compared with 90 per cent of German and Swedish employers.

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