Brian Moynihan

An international coalition led by Bank of America chief Brian Moynihan has proposed a framework for assessing how well big corporations are meeting the environmental, social and governance expectations of investors who value stakeholder capitalism.

Bank of America was the latest large bank to report a second-quarter drop in the key earnings metric after a March surge in credit line utilizations gave way to rapid payoffs in May and June.

The bank is encouraging staff to take the day off Friday to commemorate the end of slavery, but intends to keep branches open.

Investors are looking past signs of weakness and toward an eventual recovery, but top executives at BlackRock, Citigroup, Goldman Sachs and other financial firms remain cautious as many cities and states remain in partial lockdown to slow the spread of the coronavirus.

With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession.