Investments

HSBC Holdings has suspended executive Stuart Kirk days after he criticized the finance industry for worrying too much about climate change, according to a person familiar with the matter.

Sustainable finance activists argue in a new report that big companies are underreporting their emissions because they aren’t accounting for what banks do with their deposits. The findings add to a debate over how to measure firms’ contributions to climate change.

While red states like Florida have embraced the cryptocurrency industry, officials in New York and Illinois are taking action on Democratic Party priorities such as diversity and climate change. Here's a look at some hotbeds of innovative policymaking.

The new service, which will offer one-on-one advice, is open to people with at least $100,000 in investable assets. It’s part of the company’s ongoing efforts to build a full suite of retail banking products.

Click here for an overview of No. 1-10 on American Banker's annual list of the highest-performing banks with less than $2 billion of assets and a full breakdown of all the banks on the roster.

M&T Bank in Buffalo, New York, said it would increase security at certain branches as its top executive and other firms condemned Saturday’s racist attack in the city.

The former JPMorgan Chase executive will will replace Jim Hays, who is retiring.

The banks have reportedly facilitated trades of Russian sovereign and corporate debt. Two Democrats in Congress want more information, saying that the dealings, though legal, may undermine efforts to hold Russian President Vladimir Putin accountable for the invasion of Ukraine.

Global warming continues to hold the attention of the industry. Firms are not standing still, but responding proactively.

A semiannual online banking scorecard highlights areas where banks are doing well and could improve, such as customizable home pages and transparent fees.

Erin Komorowski, a seven-year company veteran, will spearhead efforts to respond to climate change and increase diversity.

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.