(Bloomberg) — HSBC Holdings Plc has edited research reports from its analysts to remove any reference to a “war” in Ukraine, while the bank resists pressure to follow its peers and close its operations in Russia, the Financial Times reported, citing two unidentified sources.
Bank committees that review externally published research and customer communications have modified several reports to soften language, including changing the word “war” to “conflict,” the newspaper reported.
A person close to the bank said the issue was extremely sensitive because HSBC has hundreds of employees in Russia, where the government enacted a law against spreading what it considers false information about the Ukrainian war, according to the newspaper. The language changes have provoked internal debate and complaints from some employees, he reported.
Internally, HSBC has been more open, and its executive director, Noel Quinn, used the word war in a video aimed at senior managers, according to the newspaper. In a research report on Friday, the bank's retail consumer research team wrote “that the UK faces double-digit inflation levels, as the war in Ukraine is further affecting the cost of living,” referring to comments from a senior British executive.
Global banks, including Wall Street giants Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co., have been withdrawing their businesses from Russia. On Monday, Credit Suisse AG announced its plans to reduce its operations in the country, while Deutsche Bank AG announced its withdrawal earlier this month.
In the six months to June 2021, the Russian subsidiary of HSBC made a pre-tax profit of 377 million rubles (US$3.84 million), according to the states filed by the unit. The total assets of the unit amounted to 89.9 billion rubles, according to the states, and it employed 249 people.
An HSBC spokesperson declined to comment on the report. The bank has previously stated that it was not accepting new business in Russia and that it would continue to “reduce” its operations, but has not announced its total withdrawal.
“We have a responsibility to assist our international customers with banking support, as they make and implement decisions about their operations in Russia over the coming weeks,” the bank said in a March 21 statement about its business in the country.
Original Note:
HSBC Cuts References to Ukraine 'War' From Reports, FT Says (1)
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