It's a useless, unproveable generalisation from a supposedly omniscient "insider". I know of at least one finance organisation using HSM as you'd expect.
Yeah, you don't have to trust me, there are plenty of software engineers working in finance who can tell you the same. Or they're using outdated ciphers, or they're storing information in plaintext or in logs, or they have no security playbooks.
It's irrelevant to me whether you believe it, it's happening today, and it happens with some of the top financial institutions and their subsidiaries and it's the same bureaucratic nonsense to move those teams to do something about it like it is anywhere else.
