Lawrence White and Selena Li

HONG KONG/LONDON Reuters – HSBC has been asked by customers questions about its climate change commitment. A senior banker downplayed these risks. According to sources, at least one institutional investor may reconsider whether or not to use the bank in a sustainable role.

An investor who manages over $100 billion plans to consult consultants regarding whether HSBC Asset Management should be used for its sustainability funds management in light of controversial remarks, according to a source with direct knowledge.

The bank’s staff have sought to be reassured about policies, amid fears about how HSBC would be perceived by clients. Two other sources confirmed that they did not wish to name the sources as they weren’t authorized to talk to the media. A spokesperson from HSBC did not respond to requests for comment.

Stuart Kirk, global head of responsible investment at HSBC Asset Management said earlier in the month that “climate changes are not a financial threat we need to be worried about”. These comments prompted the bank’s suspension and to conduct an internal investigation.

Kirk refused to comment on Reuters’ request.

Campaigners criticized Kirk’s presentation and urged the bank to take a greater role in fighting climate change.

The U.K. Pensions Regulator warned that any retirement plan failing to take into account the impact of climate change would be “ignoring a major threat to pension savings.”

HSBC is a major provider of services for investment in these schemes.

HSBC Chief Executive Noel Quinn has said that Kirk’s comments were “inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership”. Nicolas Moreau (head of asset management) also distanced the bank’s from Kirk’s remarks.

One source said that HSBC Asset Management received many inquiries about Kirk’s remarks from institutions clients.

According to the source, some of these institutions feel obligated by HSBC to clarify and comprehend their official position.

As part of a larger push to increase fee income, HSBC Investment Management (a division with assets of $640 billion) may lose business. As part of its expansion in Asia, HSBC bought Indian and Singapore businesses over the past year.

The unease has also rippled through the bank’s internal meetings. Two sources confirmed that employees were concerned and raised concerns to the bank’s senior management at a town hall.

Kirk was defended by several experts in the finance industry, who said that he had started a valid debate and there should still be space for those with different opinions.

Tariq Fay, Tariq’s former chief of sustainable investing for BlackRock Inc (NYSE :).,), stated in an interview that climate risk can have a significant impact on portfolios.