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<ul class="summary-list"><li>HSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure.</li><li>Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs.</li></ul><a target="_blank" href="https://www.businessinsider.com/hsbc-office-redevelopment-london-flexible-working-corporate-real-estate-2024-7">HSBC</a> has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp">Bloomberg reported.</a>Citing people familiar with the matter, Bloomberg said that the interview process has already started, involving senior staff from the bank's commercial banking business and others from the global banking and markets unit.The people told Bloomberg that internal recruitment for the merged division would likely result in hundreds of managing directors and other senior bankers losing their jobs over the coming weeks.They added that general manager titles will also be phased out and replaced by managing director titles at HSBC, which has around 221,000 employees worldwide.The plans have not been finalized and could be subject to change, the people said.HSBC declined to comment when approached by Business Insider.The combined division is part of a restructuring plan introduced by new CEO Georges Elhedery in October.The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations.Under the new structure, HSBC's operations in Asia-Pacific and the Middle East will form the "Eastern markets," while its UK, European, and Americas business will be known as the "Western markets."Other changes include the creation of a new international wealth and premier banking unit.The London-listed bank said in October that its third-quarter pre-tax profits rose roughly 10% year over year to $8.5 billion.Elhedery, who was formerly HSBC's CFO and became CEO in September, told analysts in a call after the third-quarter results that cutting senior roles would lower costs."Now, as a result of a simpler, leaner, more efficient bank, there will be cost saves," he said.He previously told staff in October that they should expect job cuts following the announcement of the revamp, <a target="_blank" class="" href="https://www.reuters.com/business/finance/hsbc-ceo-tells-staff-senior-redundancies-inevitable-after-revamp-2024-10-23/">Reuters reported</a> at the time, citing an internal memo."Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles," Elhedery said.

HSBC reportedly asks middle managers to reapply for jobs as layoffs loom

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

Status-quo on interest rate likely, say experts ahead of RBI's policy review

Big banks promised to protect the planet. Now they're doing an about-face.

The <keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> is expected to hold its key rates at the forthcoming <keyword id="22706079" type="General" weightage="20" keywordseo="policy-review" source="keywords">policy review</keyword>, but may sound more confident about reaching its 4% inflation objective, a foreign brokerage said on Wednesday. The rate-setting panel may prefer to stick to the 'withdrawal of accommodation' stance of the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>, HSBC said in the report on the eve of the <keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="19918491" type="General" weightage="20" keywordseo="MPC" source="keywords">MPC</keyword>'s decision. "While it's a close call, we also think the policy stance will remain unchanged, even as the RBI sounds more confident than before about getting to its 4% <keyword id="20661141" type="General" weightage="20" keywordseo="inflation-target" source="keywords">inflation target</keyword>," it said, listing out the aspects it will watch out for in the document or the resolution. These include any softness in tone around increased confidence of getting to 4% inflation durably, or a change in growth or inflation forecasts, and, further commentary around the use of OMO (open market operations) sales to take out excess liquidity. In the background of another member dissenting at the last policy review, the brokerage said the number of MPC members calling for a rate cut or change in stance will also be watched keenly. Apart from this, it said any more colour on the plans to change regulatory requirements on the <keyword id="20479869" type="General" weightage="20" keywordseo="liquidity-coverage-ratio" source="keywords">liquidity coverage ratio</keyword>, which is reported to have a bearing on banks' profitability, will also be watched, it said. On the stance questions, there are several points in support of softening from the current "hawkish" posturing, the brokerage said, adding that there are an equal number of aspects against such a move as well. Factors such as global turmoil, improving rains, soft core inflation, weaker credit growth and fiscal consolidation support a softening of the stance, while on the other side, there are competing ones like long wait for a durable fall in food inflation, loose financial conditions, OMO sales and growth being strong on the other side, it said.

RBI to hold rates, may sound more confident of reaching inflation target, says report

<ul><li><keyword id="6358584" type="General" weightage="20" keywordseo="hsbc" source="Orion">HSBC</keyword> says that the transaction 'completes immediately' and will be funded from existing resources.</li><li>The UK central bank said the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector. </li></ul> HSBC UK Bank plc is acquiring Silicon Valley Bank UK Limited (SVB UK) for 1 pound, after a weekend of frantic negotiations by UK officials. In a statement, HSBC says the transaction "completes immediately". The acquisition will be funded from existing resources, the Guardian reported. "As at 10 March 2023, SVB UK had loans of around 5.5 billion pounds and deposits of around 6.7 billion pounds. For the financial year ending December 31, 2022, SVB UK recorded a profit before tax of 88 million pounds. SVB UK's tangible equity is expected to be around 1.4 billion pounds. Final calculation of the gain arising from the acquisition will be provided in due course," HSBC said. The sale to HSBC has been taken to "stabilise SVBUK", says the Bank of England. The UK central bank says the deal will ensure the continuity of banking services, minimise disruption to the UK technology sector and support confidence in the financial system, the Guardian reported. Importantly, the Bank of England and HM Treasury can confirm that all depositors' money with SVBUK is safe and secure as a result of this transaction. That will be a massive relief for tech companies, who feared an �existential threat' to their businesses if they had lost their funds at SVB UK, the Guardian reported. The BoE add that the deal with HSBC means SVB UK will not now be put into insolvency. It says, "SVBUK's business will continue to be operated normally by SVBUK. All services will continue to operate as normal and customers should not notice any changes".

HSBC acquires UK arm of Silicon Valley Bank for £1

<ul class="summary-list"><li>TD Bank shares fell 8% after it pleaded guilty to anti-money-laundering charges and agreed to pay a $3 billion fine.</li><li>The charges involved a scheme by Chinese cartels bribing TD employees at bank branches in New York and New Jersey.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/td-stock">TD Bank</a> dropped as much as 8% on Thursday after it pleaded guilty and agreed to pay a $3 billion fine stemming from charges over its anti-money-laundering practices.The penalty is the largest ever anti-money-laundering fine imposed on a bank by US officials, eclipsing the nearly $2 billion fine HSBC paid in 2014 for transferring billions of dollars on behalf of Mexican drug cartels.Canada-based TD Bank's US unit also accepted an asset limit set by the Office of the Comptroller of the Currency regarding how big its asset size can grow.The bank cannot grow past its current $370 billion in asset size for as long as the asset cap is in place.This is the first time an asset cap has been levied against a bank since 2018 when Wells Fargo accepted an asset limit due to its fake account-opening scandal."The OCC's coordinated and comprehensive action, including the imposition of an asset cap, will ensure that the bank focuses on building proper controls commensurate with its risk profile," acting Comptroller of the Currency <a target="_blank" class="" href="https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-116.html">Michael Hsu said.</a>The charges stem from an investigation that revealed TD Bank didn't have proper anti-money laundering practices in place.The lack of controls enabled a money laundering scheme to take place by Chinese drug cartels that were linked to fentanyl sales.The Chinese criminal operation involved bribing bank employees at TD branches in New York and New Jersey, allowing hundreds of millions of dollars in fentanyl sales to be laundered.TD Bank's settlement includes the Department of Justice, FinCEN, the Federal Reserve, and the OCC.In a statement in August, TD Bank CEO Bharat Masrani said, "We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance to me, our senior leaders, and our boards."Masrani has since said he will retire from the company in April.TD Bank stock has since pared its gains to about 6%, trading at $59.88 at 1:29 p.m. in New York.TD did not immediately respond to a request for comment.

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

<ul class="summary-list"><li>Silicon Valley Bank's UK unit has been sold to HSBC for 1 British pound, or $1.21.</li><li>The UK government and the Bank of England facilitated the private sale, Chancellor Jeremy Hunt said.</li></ul>HSBC has acquired Silicon Valley Bank's UK unit for 1 British pound, or $1.21, according to a <a href="https://www.investegate.co.uk/hsbc-holdings-plc/rns/hsbc-acquires-silicon-valley-bank-uk/202303130700087216S/" target="_blank" rel="noopener">statement</a> from the bank Monday.The UK government and the Bank of England facilitated the private sale, British Chancellor Jeremy Hunt said on <a href="https://twitter.com/Jeremy_Hunt/status/1635173913545302016" target="_blank" rel="noopener">Twitter.</a>"Deposits will be protected, with no taxpayer support," Hunt said."This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in the bank's statement. Silicon Valley Bank's UK unit tangible equity is expected to be around 1.4 billion pounds.The acquisition of Silicon Valley Bank's UK unit came after the <a href="https://www.bankofengland.co.uk/news/2023/march/boe-statement-silicon-valley-bank-uk" target="_blank" rel="noopener">Bank of England</a> said Friday it would place the subsidiary into insolvency procedure. The UK central bank added at the time Silicon Valley Bank's UK unit "has a limited presence in the UK and no critical functions supporting the financial system." Silicon Valley Bank's UK branch is a standalone entity with its own balance sheet and governance structure, <a href="https://www.businessinsider.com/svb-european-vcs-urge-portcos-pull-funds-from-troubled-lender-2023-3">per Erin Platts,</a> the bank's UK CEO and head of Europe, Middle East, and Africa.Silicon Valley Bank UK had 5.5 billion pounds of loans and 6.7 billion pounds of deposits as of March 10, 2023, per HSBC. It recorded a profit before tax of 88 million pounds in 2022.The developments across the Atlantic followed the closure of the bank's California-based parent <a href="https://markets.businessinsider.com/news/stocks/silicon-valley-bank-failure-fdic-wall-street-regulator-finance-investing-2023-3" target="_blank" rel="noopener noreferrer">by regulators</a> on Friday. It has since been taken over by the Federal Deposit Insurance Corporation (FDIC). Share prices of SVB Financial Group, the bank's holding company, <a href="https://www.businessinsider.com/svb-failure-what-the-hell-happened-2023-3" target="_blank" rel="noopener noreferrer">had collapsed</a> following a failed $2.3 billion capital raise.

Silicon Valley Bank's UK unit has been sold to HSBC for $1.21

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> inched up 1 paisa to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an <keyword id="20071379" type="General" weightage="20" keywordseo="interest-rate-cut" source="keywords">interest rate cut</keyword> by the US Federal Reserve. They said that market participants are expected to take further cues from the weekly US jobs data to be released later in the day. Also, they said the decision of RBI's rate-setting panel to impact investors' sentiment. The Monetary Policy Committee (MPC) of RBI on Wednesday started its three-day deliberations to decide the next monetary policy. Reserve Bank Governor Shaktikanta Das will announce the decisions on Friday. "The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is set to keep its repo rate at 6.5 per cent at its June 7 review. Policy is turning more restrictive as cooling inflation pushes up real rates, hurting growth," said Amit Goel, Co-Founder &amp; Chief Global Strategist, Pace 360. He further said the RBI's record dividend payment of Rs 2.1 lakh crore to the government for FY24 may alleviate concerns about the growth outlook. Brent crude futures, the global oil benchmark, advanced 0.38 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 78.71 per barrel. On the domestic equity market, the 30-share BSE Sensex climbed 303.91 points or 0.41 per cent to 74,686.15 in early trade. The NSE Nifty went up 70.25 points or 0.31 per cent to 22,690.60. Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment. India's service sector growth eased to a five-month low in May amid fierce competition, price pressures and a severe heatwave, even as new orders from international markets expanded at the steepest pace in a decade, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest mark since last December.

Rupee rises 1 paisa to 83.43 against US dollar in early trade

<ul class="summary-list"><li><keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="hsbc" source="Orion">HSBC</keyword> <keyword id="11897975" type="UNKNOWN" weightage="60" keywordseo="uk" source="Orion">UK</keyword> is letting 35,000 staff lease <keyword id="11947664" type="UNKNOWN" weightage="60" keywordseo="evs" source="Orion">EVs</keyword> for up to four years and then opt to buy them outright. </li><li>Under UK law, EVs are subject to a lower <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> rate if they're bought as part of an employee benefit. </li></ul>HSBC's new corporate perk allows 35,000 UK staff lease Teslas, and nearly 200 other models of electric vehicles.The news was first reported by <a href="https://www.bloomberg.com/news/articles/2022-05-31/hsbc-offers-uk-staff-chance-to-lease-teslas-with-pre-tax-pay">Bloomberg</a> and confirmed to Insider by the bank. Workers will be able to lease EVs from the bank for up to 48 months and receive tax benefits. They will then have the option to buy the car in full at the end of the contract, per the report. Banks are keen to improve their offers to employees amid a talent war with tech and other industries, which has forced them to boost pay, improve corporate culture, and heed calls to provide more flexible working. Offering EVs, or <a href="https://www.businessinsider.com/workplace-ev-chargers-are-an-alluring-perk-for-workers-2021-5">at least a place where workers can charge their electric cars</a>, is becoming an increasingly popular way of attracting talent as concerns over the climate crisis, and therefore a desire for more sustainable forms of transport, increase. Bank of America unveiled a similar scheme earlier this year, per Bloomberg. HSBC UK's green car program will help employees become more sustainable in their day-to-day lives, said its CEO, Ian Stuart. Under <a href="https://www.gov.uk/guidance/company-car-benefit-the-appropriate-percentage-480-appendix-2">UK tax rules</a>, employees have to pay tax on employee benefits like company cars. But they pay less for electric or hybrid vehicles, which are subject to "benefit-in-kind" tax breaks. The tax rate on EVs with a range of 130 miles is 2%.Many UK employers offer a similar cycle to work schemes, where they subsidize the purchase of a bike or let employees pay them back as part of their monthly paycheck — a practice known as salary sacrifice. Climate-focused perks, like access to greener transport or<a href="https://www.businessinsider.com/firms-spending-millions-sustainability-training-amid-shortage-of-green-skills-2022-4"> sustainability education and training, </a>is also a way for banks to boost their green credentials.In May, <a href="https://www.businessinsider.com/hsbc-suspends-senior-banker-playing-down-climate-crisis-report-2022-5">HSBC suspended an executive after he appeared to publicly dismiss the climate crisis</a>. During a presentation at the Financial Times Moral Money Summit, Stuart Kirk, head of responsible investing in the bank's asset management office, claimed that warnings over the climate crisis were "unsubstantiated" and "shrill." In March, the bank promised to reduce its investments in the highly pollutant oil and gas industry, which it will outline in a global transition plan in 2023, <a href="https://www.bloomberg.com/news/articles/2022-03-16/hsbc-announces-phase-down-of-funding-for-fossil-fuel-clients">Bloomberg</a> reported. Data compiled by Bloomberg at the time found that HSBC was behind only Barclays as the largest European underwriter of oil and gas companies.Since the Paris Climate Accords in 2015, the bank helped fossil fuel companies generate $52 billion through the sale of bonds, per <a href="https://www.bloomberg.com/news/articles/2022-03-16/hsbc-announces-phase-down-of-funding-for-fossil-fuel-clients">Bloomberg</a>.

A bank is letting 35,000 staff lease Teslas and hundreds of other electric cars as its latest perk

<ul class="summary-list"><li><keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="hsbc" source="Orion">HSBC</keyword> has suspended an executive after comments he made about the <keyword id="12002886" type="UNKNOWN" weightage="60" keywordseo="climate" source="Orion">climate</keyword> crisis, <a href="https://www.ft.com/content/8e1a16ea-bf63-45f8-81af-dc41c0df4e06">per the FT.</a></li><li>Stuart Kirk played down warnings about the climate crisis in a <a href="https://www.youtube.com/watch?v=bfNamRmje-s">presentation on Thursday.</a></li></ul>HSBC has suspended a senior executive after remarks he made about the climate crisis, <a href="https://www.ft.com/content/8e1a16ea-bf63-45f8-81af-dc41c0df4e06">the Financial Times reported on Sunday.</a>Stuart Kirk, HSBC's head of responsible investing in the company's asset management division, referred to warnings about the climate crisis as "unsubstantiated" and "shrill" on a slide in a presentation at the FT's Moral Money Summit last Thursday.The presentation, which was viewed by Insider, was called "<a href="https://www.youtube.com/watch?v=bfNamRmje-s">Why investors need not worry about climate risk."</a> Kirk said in the presentation that throughout his 25-year career in <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword>, there was "always some nut-job telling me about the end of the world." He also drew a link between the climate crisis and Y2K, a widespread belief that a computer program issue was going to cause havoc at the turn of the millennium.His presentation drew criticism, including from HSBC's group chief executive, Noel Quinn, for appearing to dismiss the global risks of <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword>. According to the FT, the bank has suspended Kirk, pending an internal investigation.Quinn criticized Kirk's remarks in a <a href="https://www.linkedin.com/posts/noel-quinn-hsbc_i-do-not-agree-at-all-with-the-remarks-activity-6933729465193668608-14ho/">LinkedIn post</a> on Sunday, saying that the comments were "inconsistent with HSBC's strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management." Quinn's post also stated: "Our ambition is to be the leading bank supporting the global economy in the transition to net-zero. I hope my colleagues, customers, and others will all know, from our work and my public comments, that HSBC is absolutely committed to a net-zero future."Kirk did not immediately respond to Insider's request for comment made outside of normal working hours. When asked to confirm reports of Kirk's suspension to Insider, HSBC said it would not comment on individual employees' situations.

HSBC suspends senior exec after he called warnings about the climate crisis 'unsubstantiated' and 'shrill,' a report says

<ul class="summary-list"><li><keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="hsbc" source="Orion">HSBC</keyword> has edited research reports to remove references to Russia's attack as a <keyword id="11904994" type="UNKNOWN" weightage="60" keywordseo="war" source="Orion">war</keyword>, the <keyword id="12217397" type="UNKNOWN" weightage="60" keywordseo="financial-times" source="Orion">Financial Times</keyword> reported.</li><li>The <keyword id="11897755" type="UNKNOWN" weightage="60" keywordseo="bank" source="Orion">bank</keyword> has kept its business in Russia open, resisting pressure to follow its rivals and close operations.</li></ul>HSBC has cut references to a "war" in Ukraine from its analysts' research reports, <a href="https://www.ft.com/content/a286ed8c-c5dc-4d54-8535-b3484463fdcb">the Financial Times reported</a> on Monday, as the bank comes under pressure to exit Russia.Committees at the bank have edited several research publications to soften the language used on the topic, the FT report said, citing two people with direct knowledge of the matter.The committees, which review research reports published outside HSBC, changed the word "war" to "conflict", it said.Russia has refused to use the word "war" to describe the country's invasion of its neighbor, now in its second month. Instead, its officials call it a "special military operation" to protect people against crimes such as genocide.HSBC has come under pressure to fully exit Russia, from UK lawmakers and elsewhere. The bank has stopped taking on new business there, and it has implemented measures in response to Western sanctions. Wall Street banks <a href="https://www.businessinsider.com/companies-stop-doing-business-russia-business-wall-street-goldman-sachs-2022-3">including Goldman Sachs, and JPMorgan Chase</a> have pledged to wind down their Russia-based operations.HSBC's research department is independent of the HSBC banking group, whose Russian subsidiary contributes a small part of its business. The company declined to comment when contacted by Insider.Other institutions, such as Goldman Sachs and Deutsche Bank, have explicitly described the conflict as a "war" in their research publications, the FT noted. And HSBC itself has used the term in some reports, including in a March 25 note on inflation.The amendments have prompted debate and pushback among employees at HSBC, which has been more open internally to using the word, according to the FT. The company declined to comment when contacted by Insider. The Ukraine situation is a sensitive matter for HSBC, given it still has around 200 employees in Russia.Russia has clamped down on discussion around the conflict, and it has introduced a strict law against spreading what the government views as <keyword id="11919168" type="UNKNOWN" weightage="60" keywordseo="misinformation" source="Orion">misinformation</keyword> by using words such as "war" and "invasion", with possible prison terms of up to 15 years.

You Searched For "HSBC Bank" and got 11 results

HSBC reportedly asks middle managers to reapply for jobs as layoffs loom

Nora Redmond

Status-quo on interest rate likely, say experts ahead of RBI's policy review

PTI

Big banks promised to protect the planet. Now they're doing an about-face.

Catherine Boudreau

RBI to hold rates, may sound more confident of reaching inflation target, says report

PTI

HSBC acquires UK arm of Silicon Valley Bank for £1

IANS

TD Bank falls 8% after it faces $3 billion fine and growth caps over charges of enabling fentanyl-linked money laundering scheme

Matthew Fox

Silicon Valley Bank's UK unit has been sold to HSBC for $1.21

Huileng Tan

Rupee rises 1 paisa to 83.43 against US dollar in early trade

PTI

A bank is letting 35,000 staff lease Teslas and hundreds of other electric cars as its latest perk

Stephen Jones

HSBC suspends senior exec after he called warnings about the climate crisis 'unsubstantiated' and 'shrill,' a report says

Beatrice Nolan

Russia holdout HSBC has cut references to a 'war' in Ukraine from its analyst research reports, the FT says

Hamza Fareed Malik

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