HSBC suspends Stuart Kirk over climate change 'hyperbole' speech - reports

HSBC has suspended global head of responsible investing Stuart Kirk following a presentation he gave last week, in which he argued investors should not worry about climate change risks.

According to the FT, Kirk was suspended over the weekend pending an internal investigation, although HSBC has declined to comment.

HSBC AM's 'head of irresponsible investment' condemned over climate speech

The move comes following a speech he gave at an FT Moral Money event on 19 May, in which Kirk bemoaned that throughout his financial career there has always been "some nutjob telling me about the end of the world".

"What bothers me about this one is the amount of work these people make me do," he said.

Kirk also asked: "Who cares if Miami is six metres under water in 100 years?

"Amsterdam has been six metres underwater for ages and that is a really nice place. We will cope with it."

Senior executives have been eager to distance themselves from Kirk's speech, despite the fact its theme and content had reportedly been agreed internally before the presentation was given.

Posting on LinkedIn, group chief executive of HSBC Noel Quinn said he did "not agree at all" with Kirk's speech, adding it was "inconsistent with HSBC's strategy and do not reflect the views of senior leadership".

He said the firm's ambition was to be "the leading bank supporting the global economy in the transition to net zero" and remained "fully committed to a net zero future".

'Who cares if Miami is six metres under water in 100 years?'

Nuno Matos, chief executive of wealth and personal banking at HSBC, said he was in "complete agreement" with Quinn, adding the transition to net zero was of utmost importance to the firm.

In the initial wake of the speech, chief executive of HSBC Global Asset Management Nicolas Moreau told Investment Week that Kirk's remarks "do not reflect the views of HSBC Asset Management nor HSBC Group in any way".

He added that climate change was "one of the most serious emergencies facing the planet" and HSBC was committed to a sustainable future.