HSBC cuts references to Ukraine ‘war’ from its analyst reports
HSBC has reportedly removed references to a “war” in Ukraine from research reports, amid calls for the British bank to close its operations in Russia.
Russia’s government refers only to a “special military operation” in Ukraine, and Vladimir Putin’s regime has criminalised reporting on its invasion that contains any information from non-official sources, with prison sentences of up to 15 years.
The bank’s committees that review all research sent to clients have amended multiple reports to soften the language used on the subject, including changing the word “war” to “conflict”, according to the Financial Times, which cited two people with direct knowledge of the matter.
HSBC is under pressure to follow the lead of some of its largest international rivals and close its Russian operations, which employ about 200 people serving multinational clients based outside the country. Goldman Sachs, Citigroup, JP Morgan and Deutsche Bank have announced plans to wind down their Russian businesses. Several of the largest Russian banks have been placed under sanctions by the US, EU and UK, making it difficult for foreign banks to carry out transactions in Russia.
HSBC has declined some new Russian clients and refused to extend credit to existing customers, according to Reuters, after saying on 14 March that it was “not accepting any new business in Russia”. However, it has not announced plans to withdraw or wind down its operations.
MPs from the Conservative party, Labour and the Liberal Democrats have said HSBC should leave Russia. The Labour MP Dame Margaret Hodge earlier this month said banks should “do the right thing” and sever ties with Russia. Kevin Hollinrake, a Conservative MP, said HSBC’s continued presence in Russia “cannot be
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