Climate change

Citigroup Chief Executive Michael Corbat said banks should start breaking off from clients who don't acknowledge the need to reduce their carbon emissions — even as he pledged support for the fossil-fuel industry.

The pair has joined Morgan Stanley among the roster of global banks pledging to measure the impact their lending decisions have on global warming. Citi also said it would finance $250 billion of low-carbon projects.

The New York bank has also joined a steering committee helping to develop a global accounting standard that financial institutions can use to measure their impact on global warming.

The new Center for Climate-Aligned Finance will help financial institutions navigate the various challenges involved in the shift to renewable energy — as lenders, power consumers and corporate citizens. Its backers include JPMorgan and Bank of America.

Chris Dodd and Barney Frank said the legislation — nearing its 10th anniversary — put banks in position to be a stabilizing force during the coronavirus crisis.

The embattled German payments company filed for insolvency, while its former COO is either on the run or looking for the missing $2 billion; the giant asset manager is looking to hire more college graduates rather than poach junior bankers.

Banks are looking to reduce their consumer credit risk exposure in the face of high unemployment; the drop in branch transactions is causing banks to rethink how many they need.

Dramatic volatility in the global oil market, plummeting demand and potential regulatory risks are making some banks rethink their energy strategy.

European authorities have told banks for the first time to take account of environmental risks in lending decisions, ramping up pressure on the financial industry to respond to climate change.

New York City pensions are pushing to remove Lee Raymond, JPMorgan Chase's longest-serving director, from the bank's board because of his track record on climate change.

After the financial crisis banks took a PR beating, limiting bonuses could prevent criticism; the Fed moved with authority in the face of the coronavirus.

Democratic presidential candidate Elizabeth Warren said she would hold Wall Street banks, asset managers and insurance companies accountable for their contributions to climate change.

Executives outlined changes in energy lending policies, said that the largest U.S. bank has only scratched the surface in middle-market credits and discussed their preparations in case of an economic slowdown.

Payments firm announces leadership changes; the bank will place restrictions on fossil fuel lending while adding to sustainable projects.

The bank could announce as early as Friday a deal on charges it wronged customers; the acquisition allows Morgan Stanley to compete in retail banking.

Goldman Sachs pledged in late 2019 to stop financing projects in coal and Arctic oil exploration. Activist groups and Democratic senators say other large institutions should do the same given the economic and environmental risks from climate change.

Activist investors say the lender's words on combating climate change have not matched its actions. But the company argues that requests to put climate resolutions to a shareholder vote amounts to micromanagement.

Federal Reserve Chair Jerome Powell reaffirmed his agency’s skepticism of a Community Reinvestment Act plan proposed by other regulators, and said the Fed has an important role to ensure banks “are resilient against the longer-term risks from climate change.”

Few people are in a position to influence Jamie Dimon, the chief executive who turned JPMorgan Chase into the biggest U.S. bank. The longtime climate skeptic who turned Exxon Mobil into the biggest U.S. oil company is one of them.

In letters to Freddie Mac and Fannie Mae, six Democrats asked how the mortgage giants are factoring extreme weather into their risk modeling.