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 U.S. subsidiary, HSBC Bank USA, has offices in New York and 22 branches nationwide. For the most part, however, it exited retail banking in the U.S. two years ago.

In the UK, the bank will close at least 114 branches but says it will upgrade the remaining 327 branches. It isn't clear whether HSBC will close any of its remaining U.S. operations.

“We regularly review our strategic partnerships and operations suppliers to ensure we continue to meet the needs of our customers and business operations globally,” a bank spokesperson told React News.

This summer, HSBC said it plans to move its world headquarters from 8 Canada Square in London's Canary Wharf district back to the City of London in 2027 when its lease expires. The bank has been in Canary Wharf for about two decades.

The move came as part of HSBC's plans to reduce office space now that the bank has committed to hybrid work schedules.