A number of reports written by analysts at HSBC have been edited to remove the word «war», opting instead to use «conflict,» according to an article in the «Financial Times,» (behind paywall) citing people familiar with the issue.

One person said because HSBC has some 200 staff in Russia it is a sensitive issue, particularly because the Russian government imposed a law banning the spreading of what it considered to be false information. Doing so could result in a prison term of up to 15 years, the «FT» said.

HSBC's position is in contrast to UBS, Goldman Sachs and Deutsche Bank, who in their publications use the term «war.»

Pressure to Exit

While HSBC is fully implementing sanctions and is not taking on new business in Russia, it has not announced it is exiting the country.  Other banks including J.P. Morgan and Goldman Sachs have announced their intention to leave Russia, and HSBC is being pressured by U.K. officials to follow suit.

A new security law imposed by China on Hong Kong in 2020 was supported by HSBC and Standard Chartered, taking the position it would lead to long-term stability. Large protests were held against the law which the protesters viewed as undermining civil liberties, according to the «FT» report.