HSBC has reportedly suspended an executive who accused central bankers and other officials of exaggerating the financial risks of climate change.
Last week, Stuart Kirk, a head of the bank’s responsible investment team, said: “There’s always some weirdo telling me about the end of the world.”
Over the weekend, HSBC boss Noel Quinn took to social media to say he “disagreed” with the comments.
The company declined to comment on reports that Mr Kirk was suspended.
Mr Kirk, global head of responsible investing in the bank’s wealth management division, has been suspended over an investigation into a speech he gave at an event last week, according to the Financial Times (FT), which first reported the story.
Based in London, his role includes considering the impact of investments on environmental, social and governance issues.
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HSBC came under pressure to sack Mr Kirk after he gave the presentation entitled “Why investors needn’t worry about climate risk” at an FT conference on Thursday.
In the speech, he downplayed the risks of major flooding and said he needed to spend his time “dealing with something that’s going to happen in 20 or 30 years’ time.”
During the 15-minute speech at the FT Moral Money Summit, Mr. Kirk said, “Climate change is not a financial risk to worry about.”
“Unfounded, strident, partisan, self-serving, apocalyptic warnings are ALWAYS wrong,” reads a slide shown as part of the presentation.
Mr Kirk did not immediately respond to a BBC request for comment.
Since the speech, senior HSBC executives have spoken out about the comments.
In a LinkedIn post on Saturday, the bank’s CEO, Noel Quinn, said he “didn’t agree at all” with Mr Kirk’s comments.
“They are not consistent with HSBC’s strategy and do not reflect the views of senior management at HSBC or HSBC Asset Management,” added Mr Quinn.
On Monday, HSBC declined to comment to the BBC on reports that Mr Kirk had been suspended.
Instead, a spokesman shared a statement from HSBC Asset Management chief executive Nicolas Moreau, calling climate change “one of the gravest emergencies facing the planet.”
“HSBC Asset Management is committed to driving the transition to a sustainable global economy and has a fiduciary responsibility to ensure its clients’ funds are managed for positive long-term environmental and social outcomes,” added Mr. Moreau.
According to the FT, both the topic and the content of the presentation have been agreed within the company.
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