07:02 AM EST, 11/21/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) abandoned its plans to build a carbon credits desk after the voluntary carbon market shrank to roughly $1 billion last year, Bloomberg reported Thursday, citing people familiar with the matter.

Bankers assigned to the desk were later assigned different roles, the report said.

A company insider told MT Newswires that HSBC ( HSBC ) did not launch a VCM trading desk but was exploring the option of doing so, after determining earlier this year that the market is nascent.

A spokesperson for HSBC ( HSBC ) declined to comment to MT Newswires.

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