Climate First Bank, which would be led by veteran banker Ken LaRoe, would offer loans to help individuals and organizations make environmentally sound decisions.
New rules on shareholder submissions of proxy proposals could help banks fend off demands to disclose more pay data, cut financing to fossil fuels companies and adopt other reforms.
HSBC, Societe Generale, BNP Paribas and other banks, insurance companies and financial firms around the world moved a step closer to reducing their contributions to greenhouse-gas emissions.
Lenders should be subjected to tough reviews of their readiness for economic threats posed by severe weather, required to disclose risks lurking in their portfolios and perhaps forced to set aside extra capital, a government study recently recommended.
Citigroup Chief Executive Michael Corbat said banks should start breaking off from clients who don't acknowledge the need to reduce their carbon emissions — even as he pledged support for the fossil-fuel industry.
The pair has joined Morgan Stanley among the roster of global banks pledging to measure the impact their lending decisions have on global warming. Citi also said it would finance $250 billion of low-carbon projects.
The New York bank has also joined a steering committee helping to develop a global accounting standard that financial institutions can use to measure their impact on global warming.
The new Center for Climate-Aligned Finance will help financial institutions navigate the various challenges involved in the shift to renewable energy — as lenders, power consumers and corporate citizens. Its backers include JPMorgan and Bank of America.
Chris Dodd and Barney Frank said the legislation — nearing its 10th anniversary — put banks in position to be a stabilizing force during the coronavirus crisis.
The embattled German payments company filed for insolvency, while its former COO is either on the run or looking for the missing $2 billion; the giant asset manager is looking to hire more college graduates rather than poach junior bankers.
