The bank’s top executives, including CEO Noel Quinn, will no longer work from private offices with sweeping views of the city on the building’s 42nd floor, but will hot desk in open-plan areas two floors below. The offices have been turned into client meeting rooms and collaborative areas, according to the Financial Times.

HSBC (HBCYF) confirmed the contents of the FT report to CNN Business on Monday.

“Our offices were empty half the time because we were traveling around the world. That was a waste of real estate,” Quinn told the newspaper, adding that he won’t be in the office five days a week. “It’s the new reality of life.”

Earlier this year, Quinn said that HSBC plans to cut its global real estate footprint by 40% “over the next several years” and adopt a more hybrid model of working, with employees splitting their time between the office and home. To achieve this, the bank is not expected to renew many of its city-center leases due in the next few years.