Three More Major Bank CEOs Pull Out of Saudi Conference -- Update
October 16 2018 - 6:59AM
Dow Jones News
By Margot Patrick and Jenny Strasburg
The heads of three major European banks, HSBC Holdings PLC,
Credit Suisse Group AG and Standard Chartered PLC, pulled out of
Saudi Arabia's Financial Investment Initiative conference Tuesday,
putting the event scheduled for next week in Riyadh further in
doubt.
The latest cancellations came after a public backlash against
the kingdom over the disappearance of Saudi journalist Jamal
Khashoggi, who Turkish officials say was killed by Saudi agents in
Istanbul earlier this month. Saudi Arabia has denied the
accusation.
HSBC Chief Executive John Flint had been scheduled to speak and
the bank was a strategic partner for the conference, which has been
billed as a "Davos in the Desert" for the global business
elite.
Credit Suisse CEO Tidjane Thiam was on the conference's advisory
board, while Standard Chartered CEO Bill Winters was also slotted
as a speaker.
The three CEOs' cancellations follow withdrawals from the event
this week by some of Wall Street's most powerful executives:
JPMorgan Chase & Co. CEO James Dimon, BlackRock Inc. CEO
Laurence Fink and Blackstone Group chief Stephen Schwarzman.
All of the financial firms have substantial business with the
kingdom, and attending has come to be seen as a loyalty test. Some
banks including Goldman Sachs Group Inc. were still planning to
send executives as of late Monday. Many of the banks with CEOs
canceling their appearances are still sending delegations.
Conference organizers on Monday declined to comment on the
cancellations and indicated the event would go forward as
planned.
As of Monday night, Deutsche Bank AG executives were still
discussing whether CEO Christian Sewing would attend the
conference, according to people familiar with the matter. Mr.
Sewing isn't scheduled as a speaker, but had tentative plans to
represent the German bank in meetings with clients at the
conference, the people said.
Write to Margot Patrick at margot.patrick@wsj.com and Jenny
Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
October 16, 2018 06:44 ET (10:44 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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