Six bank staff have been sacked after filming themselves staging a mock Islamic State-style execution during a team-building day out.
Footage posted online showed five of them laughing and joking as a colleague in an orange jumpsuit, named as Saf Ahmed, knelt at their feet.
One clutched a coat hanger as a fake knife while another held Mr Ahmed by the shoulders.
A worker apparently shouted "Allahu Akbar", Arabic for "god is great", a phrase often heard by IS executioners in videos of them murdering hostages, before one was heard whooping.
The eight-second film was shot as the workers enjoyed an away day to a Teamworks Karting track in Birmingham organised by the bank, The Sun said.
HSBC said those involved had been sacked for what it called an "abhorrent" video.
A spokesman said: "We do not tolerate inappropriate behaviour.
"As soon as The Sun brought this video to our attention we took the decision to sack the individuals involved. This is an abhorrent video and HSBC would like to apologise for any offence caused."
British aid workers David Haines, from Perth in Scotland, was beheaded after being taken hostage in Syria in March 2013 while working for international relief agency Acted, while Alan Henning, 47, of Salford, was captured by IS militants while on an aid convoy in December 2013.
Both men wore orange jumpsuits while they were filmed being beheaded by IS in Syria.