In a significant development, HSBC Holdings has suspended its head of responsible investing pending an internal investigation.

The development comes in the wake of central bank policymakers and other global authorities saying financial risks of climate change has been exaggerated.

HSBC senior banker Stuart Kirk had made the comments at a conference hosted by the Financial Times drawing criticism from climate activists. 

In a statement HSBC CEO Noel Quinn said, the bank will not be distracted from its ambition to lead the global economy in the transition to net zero. 

An HSBC spokesperson said the company could not comment on individual employees.

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