Hong Kong Protests: What Say the Banks?
Last week, hundreds of workers from Hong Kong’s reputedly unpolitical financial sector made an unprecedented move to express dissent and today, many more are expected to have joined the citywide strike and rallies. What do the banks have to say about this? finews.asia finds out.
Nearly 400 employees at 34 financial institutions launched an anonymous petition to support today’s strike last Thursday and the sector – traditionally a staunchly unpolitical and business-oriented population of workers – followed up with a truly unprecedented public act of dissent through a flash protest later that night.
The protest was organized via Telegram, a cloud-based instant messaging application popularly used by Hong Kong protesters due to strong features that support user anonymity.
finews.asia seeks answers to a simple question that follows. What is the view of major foreign banks on the ongoing situation in Hong Kong and what moves have been made to address issues, if any?
Some companies have expressed support for key issues such as freedom of speech and the rule of law while others focused only on safety and business continuity. Here are their responses.
Citibank (Internal note from Angel Ng, CEO of Hong Kong and Macau)
«Hong Kong is going through a very difficult time, facing an unprecedented situation that brings negative sentiments and emotions in all aspects,» the note said. «I want to reaffirm that as a company, we respect and embrace the Freedom of Speech and the right to voice issues that are dear to our heart and to the city defined under the Rule of Law.»
In addition, the bank also noted that department heads and supervisors were fully empowered to arrange flexible working arrangements, where necessary. It also stressed the importance of business continuity, particularly in such unstable times.
«I would also like to emphasize that it is very important for us to deliver on our promise to serve our clients at all times, and more so during this difficult period. We need to make sure that our service is uninterrupted in order for us to continue supporting the people of Hong Kong in a way we do best,» the note continued.
«We hope the situation will be resolved soon and Hong Kong will once again return to being the city we all cherish.»
A spokesperson for the bank did not provide additional comments.
UBS (internal note)
In an internal note sent to staff last Friday, UBS focused on the safety of staff and business continuity.
«Your ongoing safety and security remain our paramount concern,» said a note read by finews.asia. «To this end, we would like to remind you to continue to carefully monitor news reports for notifications of transport delays and disruption in Hong Kong. Please make appropriate decisions to avoid putting yourself at risk.»
The bank stressed that it continues to be «business as usual» but told employees to make alternative working arrangements, where necessary.
A spokesperson for the bank declined to comment on the matter or the note.
Credit Suisse
«Credit Suisse's Hong Kong office has been operating normally and is expected to continue to do so. In the current situation, our employees’ safety and wellbeing is our top priority,» a spokesperson said in response to this publication's inquiry. «Alternative contingency work arrangements are in place if staff need to work from home due to traffic or other disruptions.»
The bank's statements interestingly distinguished itself by highlighting concerns for potential social issues and solutions to address them.
«We understand that this is a difficult and potentially stressful time,» the bank added. «The bank is also providing professional counseling services for our employees or their family members should they require.»
Standard Chartered (official view)
In response to a finews.asia inquiry, Standard Chartered also expressed its respect for freedom of speech while highlighting confidence in its staff.
«We understand the current social situation and respect our staff’s rights of expression,» a spokesperson said. «We have a robust business continuity plan, and we believe in the professionalism of our staff and trust that they can strike a balance between their own rights, the needs of our customers and operation of the bank.»
HSBC (official view)
«We respect that our employees have their own personal views on political and social matters,» the spokesperson for the bank said. «Our priorities are the safety of our employees and supporting our customers. All our branches are operating as business as usual.»
Sources added that flexible working arrangements were encouraged for the day but a spokesperson did not comment further.
