Tomorrow's Business Today
A bashing for the banks on the cards, part II
What is it like to be trolled by your own regulator? Ask HSBC, it should know.
Last week HSBC came under fire from the Advertising Standards Authority for greenwashing – for overstating the bank’s role in reducing carbon emissions.
Today HSBC unveiled its latest results, which were always going to be controversial, since it is making a ton of money just as many customers find they have none.
They also announced the departure of finance chief Ewen Stevenson, a surprise move to say the least, suggesting all is not well at the top.
And the Financial Conduct Authority picked today to launch a package of new measures “to clamp down on greenwashing”.
The watchdog doesn’t single HSBC out, but it didn’t need to. The timing says it all.
Sacha Sadan, the FCA’s Director of Environment Social and Governance, said:
“Greenwashing misleads consumers and erodes trust in all ESG products. Consumers must be confident when products claim to be sustainable tha they actually are.”
It’s punchy stuff from the FCA, I like it.
From a PR point of view what it says is – if you fib about this stuff and get caught, we’ll call you on it.
FCA 1, HSBC 0.
Press release of the day
The Carbon Disclosure Project, which calls itself a $37 trillion pressure group, is upping the pressre on big companies to hit green targets.
BASF, FedEx, Nintendo and General Electric are among those named as laggards today.
Laurent Babikian, Joint Global Director Capital Markets at CDP, said: “The past few months of extreme weather have again shown us what a warming world does at 1.2 degrees. It will get catastrophically worse unless we see an unprecedented reduction in GHG emissions – 50% in the next eight years.”
Stories that will keep rolling
1) Where is the global slowdown hitting WPP worst of all?
2) Is the Barclays US arm still acting as a hedge against the UK bit, or does it now look like a drag?
3) Will Meta shares ever recover?
4) Which Reckitt essentials are rising in price most of all? Why?