Banks are looking to reduce their consumer credit risk exposure in the face of high unemployment; the drop in branch transactions is causing banks to rethink how many they need.
European authorities have told banks for the first time to take account of environmental risks in lending decisions, ramping up pressure on the financial industry to respond to climate change.
New York City pensions are pushing to remove Lee Raymond, JPMorgan Chase's longest-serving director, from the bank's board because of his track record on climate change.
After the financial crisis banks took a PR beating, limiting bonuses could prevent criticism; the Fed moved with authority in the face of the coronavirus.
Democratic presidential candidate Elizabeth Warren said she would hold Wall Street banks, asset managers and insurance companies accountable for their contributions to climate change.
Executives outlined changes in energy lending policies, said that the largest U.S. bank has only scratched the surface in middle-market credits and discussed their preparations in case of an economic slowdown.
Goldman Sachs pledged in late 2019 to stop financing projects in coal and Arctic oil exploration. Activist groups and Democratic senators say other large institutions should do the same given the economic and environmental risks from climate change.
