Investments

Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank by assets, will cover some of the costs for employees’ gender-transition surgeries and related procedures not covered by government programs.

Goldman Sachs Group and JPMorgan Chase are discussing extending abortion benefits to cover travel after an internal debate was reignited this week by the leak of a draft Supreme Court ruling to overturn Roe v. Wade.

Treasury Secretary Janet Yellen defended the Biden administration’s approach to economic recovery during COVID-19, but said the pandemic underscored the ways that prudential regulation for nonbanks may be warranted.

The first-of-their-kind measures, urging banks to move more aggressively to curtail new fossil-fuel lending, garnered between 11% and 13% of the vote at Bank of America, Citigroup and Wells Fargo. Those totals were less than climate activists had hoped to garner, but high enough to clear certain thresholds for resubmission next year.

Bank of America said it will make all of its plastic credit and debit cards from recycled material beginning next year. 

Bankers trying to get their net-zero CO2 targets certified now face hard deadlines to reduce capital flows to fossil fuels.

The Dallas bank reported an increase in energy loans for the first time in nearly three years, but executives don’t expect fossil-fuel lending to rebound to its previous highs.

JPMorgan Chase said it financed and facilitated $285 billion last year toward its $2.5 trillion, 10-year commitment to initiatives that combat climate change and advance sustainable development. 

Mastercard said it’s expanding an earlier push to tie executives’ bonuses to the company’s environmental, social and governance goals.

Citigroup has begun the sales process for its consumer, small-business and middle-market banking divisions in Mexico, though an initial public offering remains on the table.