HSBC suspends senior banker for dismissing ‘nut job’ local weather warnings

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HSBC has reportedly suspended one in all its senior bankers after he accused policymakers of exaggerating the dangers of the local weather disaster.

Stuart Kirk, world head of accountable investments on the financial institution’s asset administration division, might be suspended pending an inside investigation right into a presentation he made at an occasion final week, based on the Monetary Occasions.

Mr Kirk’s reported suspension comes after he spoke at the Monetary Occasions Ethical Cash occasion the place he gave a presentation entitled: “Why buyers needn’t fear about local weather threat.”

Mr Kirk mentioned throughout his 25 years within the finance business there had all the time been some “nut job” telling him in regards to the “finish of the world”, and likened the rhetoric across the local weather disaster to predictions that there can be a pc glitch on the flip of the millennium.

“Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS unsuitable,” headlined one slide of his presentation that listed paraphrased quotes in regards to the local weather disaster from the likes of former Financial institution of England governor Mark Carney and the United Nations.

He additionally requested “who cares if Miami is six metres underneath water in 100 years?”, including: “Amsterdam has been six metres underwater for ages, and that’s a very nice place. We’ll address it.”

HSBC declined to touch upon particular person workers, however pointed to an announcement by Nicolas Moreau, CEO of HSBC Asset Administration, during which he mentioned remarks made on the occasion don’t mirror the views of HSBC “in any manner.”

“HSBC regards local weather change as one of the crucial severe emergencies going through the planet,” Mr Moreau mentioned within the assertion. “And is dedicated to supporting its clients of their transition to web zero and a sustainable future and, like HSBC Asset Administration, is dedicated to reaching web zero by 2050.”

HSBC’s chief government has additionally mentioned he doesn’t agree with the remarks made on the summit.

“They’re inconsistent with HSBC’s technique and don’t mirror the views of the senior management of HSBC or HSBC Asset Administration,” Noel Quinn mentioned in a publish on LinkedIn.

The Unbiased has contacted Mr Kirk.

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