Investments

The technology giant is partnering with a fintech firm to deploy $25 million of deposits at minority-owned banks, community development financial institutions and other mission-focused lenders. It’s part of a broader effort by the iPhone maker to combat systemic racism.

The San Francisco bank is following the lead of other U.S. megabanks by providing shorter-term targets ahead of 2050 climate pledges.

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.

The Dutch lender said its predecessor, Hope & Co., played a “pivotal role” in the international slave trade of the 18th century and was actively involved in the day-to-day business of plantations.

Progressive groups once again are forcing shareholder votes in connection with hot-button issues such as racial equity and climate change. But now conservative groups are also harnessing the same process in an effort to influence the positions that banks take on politically charged issues.

Higher interest rates are generally helpful to the industry, but they are also leading to unrealized losses in banks’ bond portfolios. Trust banks such as Bank of New York Mellon, State Street and Northern Trust may take relatively large hits when they announce their first-quarter results.

Citigroup and Bank of America are partnering with four large European banks to create a methodology for assessing how well companies in the air-travel sector are doing in meeting climate-related targets.

Two Republican lawmakers are calling for the cancellation of U.S. government contracts with Citigroup after the banking giant vowed to cover travel costs for employees seeking abortions

New York Fed researchers found that banks operating in areas hit by tornadoes, floods and other calamities weren’t financially hurt by those disasters. That surprising result comes with significant caveats, however.

Louisiana's Transportation Secretary and the former Assistant to the President for Infrastructure discuss the state of play in the U.S. P3 sector, the impact of the new infrastructure law, and what's in store for the next decade.

Bank of America saw its busiest year on record for sustainable finance deals as demand for environmental, social and governance investments accelerates.