Standard Chartered hires HSBC sustainable DCM MD cut after ESG u-turn in Hong Kong
Last month, HSBC announced that it was withdrawing from the Net Zero Banking Alliance (NZBA), a sustainable banking initiative ran by the United Nations. An early sign that the bank was pivoting its climate stance came during its massive Asia job cuts earlier this year, when a sustainable DCM managing director (MD) was let go; she's just resurfaced at a rival bank.
Luying Gan has joined Standard Chartered in Hong Kong as its head of sustainable finance for greater China and North Asia. She spent the last 12 years at HSBC, most recently serving as its APAC head of sustainable DCM. She was promoted to MD in 2024 while in the role.
She's not the only ESG person cut from HSBC. Head of ESG solutions Farnam Bidgoli was cut on maternity leave, as was her maternity cover Gayle Muirs. The writing seems to have been on the wall since chief sustainability officer Celine Herweijer was ejected from the board and left the bank late last year.
Standard Chartered, in contrast, seems a much more climate-friendly place to work. CEO Bill Winters said "shame on them," regarding banks that were cutting back on their ESG initatives. Recruiters say that banks have a lot of buyer's remorse after building out big ESG teams; if cuts continue, Standard Chartered won't complain about the availability of talent.
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