News Topic: climate change

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

Dramatic volatility in the global oil market, plummeting demand and potential regulatory risks are making some banks rethink their energy strategy. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

Democratic presidential candidate Elizabeth Warren said she would hold Wall Street banks, asset managers and insurance companies accountable for their contributions to climate change. ... Read full article

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. ... Read full article

Payments firm announces leadership changes; the bank will place restrictions on fossil fuel lending while adding to sustainable projects. ... Read full article

The bank could announce as early as Friday a deal on charges it wronged customers; the acquisition allows Morgan Stanley to compete in retail banking. ... Read full article