HSBC Holdings promised to “phase down” its financing of the fossil fuel industry, sending a warning to oil and gas clients as the bank works toward its target of net-zero emissions.

The Cincinnati bank and two payments companies have reached an agreement with merchants in California who accused them of illegally recording customer-service calls. The deal must still be approved by a federal judge.

The San Francisco bank promoted its president, Mike Roffler, to the top job. He succeeds founder Jim Herbert, who has been on medical leave and now becomes executive chairman.

In a survey last month, only one in 10 chief executives identified mergers as their top priority, while 77% pointed to organic growth. The sparse interest in dealmaking may be due to volatile markets, along with slower approvals from regulators.

The syndicated loan, which was led by Citizens Trust Bank in Atlanta and Carver Federal Savings Bank in New York, marks the first time that a professional sports league has gotten a loan financed entirely by Black-owned banks. Those involved hope it starts a trend.

The industry is contending with trading volatility, the economic effects of soaring energy prices and the risk of prolonged high inflation following Russia’s Feb. 24 invasion. Citigroup, TD and Comerica are among the banks that have commented on how their businesses may be affected.

Chicago Title Insurance Co. and Chicago Title Co. LLC agreed to the payment to resolve a lawsuit brought by the bank, which said the firms had helped orchestrate a borrowing scam involving liquor licenses, according to a regulatory filing.