Activist investors say the lender's words on combating climate change have not matched its actions. But the company argues that requests to put climate resolutions to a shareholder vote amounts to micromanagement.
The timing couldn’t be worse for ag and energy lenders as well as global banks, which were all counting on the Chinese market to help bolster commercial lending and fee income.
Nonbanks hold a disproportionate percentage of the worst-rated loans, but banks hold a majority of the market, and risk management safeguards are largely untested, according to an interagency report on shared national credit.
Lenders that depend on the Export-Import Bank to back loans to exporters are already seeing business borrowing pick up after Congress reauthorized the agency in December.
As more consumers order in using such services as Uber Eats and Grubhub, restaurants are selling fewer desserts, drinks and other high-margin items, said CEO Rajinder Singh.
Commercial lending was sluggish in 2019, but leaders at Huntington, KeyCorp and M&T are encouraged that rates are stabilizing and business sentiment is improving.
