The boss of HSBC, said that he was concerned about the risk of wider contagion for global markets from the deepening crisis in Ukraine. Noel Quinn told in an interview that while the direct exposure for HSBC was limited, he was alert to wider fallout.
He also added that it is clear that there is a likelihood of contagion. And, that it will depend on the severity of the conflict and the severity of the retaliation if there is a conflict. Ewen Stevenson, the bank’s chief financial officer, told that the bank was monitoring the security situation for its 200 staff in Moscow. But was not currently considering withdrawing employees. Their main focus today is the safety and security of their own staff. Among that majority of them are Russians.
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