The bank didn't unveil any new climate commitments, but mapped out the changes it sees as necessary to decarbonize the heavy-emitting industries it still finances.

As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.

Financial institutions, led by the biggest U.S. banks and regional lenders, have dominated high-grade issuance, making up over 60% of the $149 billion that has priced so far this month.

Now that leveraged loan markets have calmed down — and interest rate cuts are on the horizon — investment banks want to get some of the business back.

Jane Fraser says this year will be "critical" for the megabank, which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.

In 2023, the four giant banks raked in $253 billion in NII , about $80 billion higher than 2021's total. Now, most banks see rate cuts coming, all while they have to pay more on deposits or risk losing customer savings to higher-yielding options. 

Ultimately, firmwide headcount will decline by 60,000 jobs to 180,000 by the end of 2026, Chief Financial Officer Mark Mason said.