HSBC ‘scared of upsetting Kremlin’: Fury as FTSE-listed bank continues to do business in Russia and calls war a ‘conflict’
HSBC faced fresh criticism last night after it was said to have removed references to a war in Ukraine from analyst research notes.
The bank, which is still doing business in Russia unlike rivals such as Deutsche Bank and JP Morgan, has toned down reports by replacing the term ‘war’ with ‘conflict’.
HSBC committees have softened language in several publications, according to the Financial Times.
Toned down: HSBC, which is still doing business in Russia unlike rivals such as Deutsche Bank and JP Morgan, has toned down reports by replacing the term ‘war’ with ‘conflict’
Conservative MP Bob Seely questioned whether the bank is ‘scared of upsetting the Kremlin’.
Russian government officials have persistently described the invasion of Ukraine as a ‘special military operation’ and rejected suggestions that it amounts to a ‘war’.
HSBC’s editing of reports is said to have sparked staff complaints.
Previously, it has issued reports using the term ‘war’, including notes from this month.
HSBC, which keeps its research department independent from the wider group, declined to comment.