Skip to content
Search

Latest Stories

Employee who flagged institutional racism at HSBC resigns

Employee who flagged institutional racism at HSBC resigns

AN employee who wrote a report alleging institutional racism inside HSBC has resigned.

He cited frustration at the firm's response to some of his criticism and a lack of support from white colleagues, two internal emails have revealed.


Ian Clarke, who was a salesman in the US Global Liquidity and Cash  Management division in New York, resigned this week.

He has sent an email to around 1,000 staff and senior managers in HSBC's US and British businesses, reported Reuetrs.

However, HSBC's newly-appointed global head of inclusion attempted to reassure staff over his exit.

The global firm, in response to Clarke's resignation, has said that it was committed to improving diversity and inclusion.

"When colleagues raise concerns we take them seriously and are looking into the issues raised," the bank said in a statement.

Clarke had sent a 48-page report which he called Project Speak Up to HSBC's senior management in June. This was launched on his own initiative and aimed at quantifying and combating the alleged discrimination he said he had experienced at the bank and heard about from colleagues.

Compiled over a year and based on Clarke's interviews with around 100 staff, it alleged a failure to retain or promote black and other ethnic minority staff, a lack of such people in senior positions, and insufficient policies to address these problems.

HSBC said that it took the report seriously and would implement many of its recommendations.

London-born Clarke, who describes himself as half Jamaican and half white British, said in his resignation letter to chief executive Noel Quinn he was pleased with some of the progress.

HSBC has wholly or partly implemented 9 of his 12 recommendations, he said, including creating better support programmes for ethnic minorities and aiming to improve minority representation on key decision-making bodies.

"And yet regardless, I'm aware of not a single white person in our firm of 226,000 who seized the momentum we have created together to come forward and Speak Up themselves for what's right," Clarke said.

Clarke said in his resignation letter he had reported alleged discrimination by several white men whom he declined to name over three years who all remain in their roles, while five black or darker-skinned people had left his team with none added.

His resignation comes as banks face pressure to deliver on pledges to improve diversity after the murder of George Floyd by a US police officer in 2020 sparked global protests.

HSBC's global head of inclusion Carolanne Minashi emailed the around 1,000 recipients of Clarke's resignation letter, to reiterate HSBC's ambition to 'work at an accelerated pace' to improve diversity.

"Many of you will know that Ian had been in discussions with me and my team, HR and members of senior leadership over the past months," Minashi wrote in the email.

Europe's biggest bank said in July 2020 it aimed to double the number of black staff in senior roles by 2025, a goal that Clarke's report said did not go far enough given a low base.

Among its British staff, 2.4 per cent have self-identified as black, but among senior leaders, this falls to 0.9 per cent, reports said.

More For You

UK–Africa business summit 2025

UK–Africa business summit 2025

UK–Africa business summit 2025 highlights trade, technology and resilient partnerships

Highlights:

  • Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
  • Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
  • Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
  • Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.

The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less