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Bank climate pledges in doubt after U.S. giants sit out global agreement


POLITICO
The absence of major U.S. banks set off alarms among climate advocates.
Wells Fargo was not among the initial signatories for the so-called Net-Zero Banking Alliance. | Damian Dovarganes/AP Photo
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A new financial sector climate change initiative unveiled Wednesday included notable absences from Wall Street, raising questions about whether some of the biggest U.S. banks will follow through on sweeping sustainability pledges.
JPMorgan Chase, Goldman Sachs and Wells Fargo weren’t among the initial signatories for the so-called Net-Zero Banking Alliance, even though counterparts Morgan Stanley, Bank of America and Citigroup enlisted. The banking group is part of the broader Glasgow Financial Alliance for Net Zero chaired by former Bank of England Governor Mark Carney, now the UN Special Envoy on Climate Action and Finance. ....

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Banking ETFs Gain as Banks Pause Their Political Donations


January 12, 2021
Banking ETFs are gaining slightly amid news that JPMorgan Chase, Goldman Sachs, and Citigroup were among the first major financial firms to halt political donations following the pro-Trump Capitol storming last week.
JPMorgan, the biggest U.S. bank by assets, is placing a hold on political action committee contributions for Republicans and Democrats for “at least” the next half a year, according to spokesman Steve O’Halloran, in order to evaluate changes to its political-donation strategies.
“The country is facing unprecedented health, economic and political crises,” said JPMorgan’s head of corporate responsibility Peter Scher. “The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now. There will be plenty of time for campaigning later.” ....

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