HSBC's Stuart Kirk tells FT investors need not worry about climate risk

HSBC's now suspended Asset Management's head of responsible investment Stuart Kirk speaking at the FT Live Moral Money Summit Europe conference, accuses central bankers and policymakers of overstating the financial risks of climate change.

Just consider three comments made during his presentation:

“Who cares if Miami is six metres underwater in 100 years? Amsterdam has been six metres underwater for ages, and that’s a really nice place.” Stuart Kirk Head of Responsible Investments

“The average loan length in a big bank like ours, HSBC, is six years. What happens to the planet in year seven is irrelevant.” Stuart Kirk Head of Responsible Investments

“There’s always some nut job telling me about the end of the world.” Stuart Kirk Head of Responsible Investments

More banks are closing as digital banking booms

British bank branch closures are continuing apace, according to the BBC.

New research by Which?, the leading UK consumer organization, has shown that 1,045 branches have closed in the last two years — HSBC closed 27% of its branches, while Lloyds closed 14%. The smaller Co-operative Bank closed a whopping 53% of its branches.

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Grasping the Big Picture of the HSBC Outage

From PYMNTS.com

“Getting back to the grind after a few weeks of holiday fun and relaxation is tough for anyone. But for thousands of HSBC customers, the start of the new year was especially brutal as the bank’s online personal banking service was knocked offline amid technological glitches — a fiasco that lasted for two days and marked the second time in as many years that Europe’s largest bank found itself apologizing to customers for technological issues.”

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HSBC outage is the first bank IT fiasco of 2016 - unlikely to be the last

Bank IT meltdowns: HSBC online outage shows legacy IT concerns set to continue for UK lenders

From Computer World UK –

“Just days into 2016, HSBC has become the first bank to suffer a major IT outage. Millions of the bank's customers were unable to access online accounts this week, with services only now returning to normal after a two-day outage.”

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Regulators are scrutinizing HSBC over its huge banking glitch

From Business Insider –

“Regulators are scrutinising HSBC over the bank's two-day online banking outage that has prevented millions of customers from accessing their accounts.

A spokesperson from the Financial Conduct Authority told Business Insider:

“The FCA is in contact with HSBC regarding a recent IT issue. We will be working closely with the bank as it resolves the problem and to ensure there are steps in place to help consumers who are affected.”

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