(Bloomberg) -- HSBC Holdings Plc has edited research reports from its analysts to remove any references to a “war” in Ukraine as the lender resists pressure to follow peers in closing its business in Russia, the Financial Times reported, citing two unidentified people.

HSBC committees that review externally published research and client communications have amended multiple reports to soften the language, including changing the word “war” to “conflict,” the newspaper reported. 

A person close to the bank said the issue was extremely sensitive because HSBC has about 200 staff in Russia, where the government has enacted a law against spreading what it deems false information on the Ukraine war, the FT said. The language changes have prompted internal debate and complaints from some staff, it reported.

Global lenders including Wall Street giants Goldman Sachs Group Inc., Citigroup Inc and JPMorgan Chase & Co. have been pulling business from Russia. Goldman Sachs announced plans to close its operations there, while Deutsche Bank AG also announced a pullback earlier this month. 

Internally HSBC has been more open, with Chief Executive Officer Noel Quinn using the word war in a video to top managers, the FT said. 

An HSBC spokesman declined to comment. 

The bank declined to comment to the FT and referred to a previous statement: “Our thoughts are with all those impacted by the continuing conflict in Ukraine.”

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