Investments

Sanctions imposed over the Ukraine war prompted the French bank to tell commercial clients it won't process their Russian transactions after March.

PayPal does its part in Ukraine, recognition for U.S. Bank and more in banking news this week.

European banks trying to decide whether and how to leave Russia in the wake of the invasion of Ukraine are finding that extracting themselves will be slow, costly, and may come with a reputational price no matter what they do.

Texas is seeking information from more than a dozen major finance firms on whether their operations discriminate against the fossil-fuel industry. 

HSBC Holdings promised to “phase down” its financing of the fossil fuel industry, sending a warning to oil and gas clients as the bank works toward its target of net-zero emissions.

A group of religiously affiliated shareholders that had pushed the bank to write the report says it does not include the voices of key stakeholders. The report's recommendations, written by an outside law firm, touch on workforce diversity, customer remediation and preventing retaliation against employees.

West Virginia’s legislature has approved a proposal that could restrict the state’s work with financial institutions that have limited their business with coal and oil companies. 

Citigroup, the U.S. bank with the largest presence in Russia, will broaden its withdrawal beyond previously announced plans to dispose of consumer operations there.

Demand for green bonds and other financing tied to climate and environmental projects is growing and should expand further, Bank of America CEO Brian Moynihan said.

The industry is contending with trading volatility, the economic effects of soaring energy prices and the risk of prolonged high inflation following Russia’s Feb. 24 invasion. Citigroup, TD and Comerica are among the banks that have commented on how their businesses may be affected.