Investments

Texas lawmakers pressed finance industry executives they summoned to a remote corner of the state for a hearing Thursday, questioning whether their environmental, social and governance policies are hindering state pension investments.

Harris, who leads the New York State Department of Financial Services, will join the Financial Stability Oversight Council next year. She will replace Charles Cooper of Texas as the representative of state bank supervisors.

HSBC Holdings will no longer finance new oil and gas fields or related infrastructure in a move that climate activists say puts it ahead of many peers in addressing global warming.

The Texas Attorney General's office will decide by Jan. 13 whether Citigroup "discriminates" against the firearms industry, a ruling that will determine the bank's ability to underwrite most municipal bond offerings in the state.

JPMorgan Chase Chief Executive Jamie Dimon praised the results of last month's U.S. midterm elections, saying cooperation in Congress may be more likely since both parties' "wing nuts didn't get elected."

Kearny Financial is partially restructuring its balance sheet in response to a problem that many banks are facing. The bank's actions should result in a sizeable income boost once they're fully phased in, an analyst said.

Investment bankers working on mergers and acquisitions need to review their due diligence processes to ensure deals aren't upended by an evolving set of ESG risks, according to Berkeley Research Group.

Most theories of the case for ESG investing demand that companies act in ways that are counter to the interests of their shareholders.

As climate transition evolves in the coming years, banks will be in position to finance a wider range of decarbonization efforts than they have in the recent past, according to a new report from McKinsey.

Federal Reserve Gov. Michelle Bowman said regulations on banks have spurred the growth of unsupervised non-bank financial institutions like fintechs and private equity firms.