Citi (C) and Bank of America (BAC) on Tuesday decided to exit the Net-Zero Banking Alliance, the world’s largest climate alliance for banks, following the exits of Goldman Sachs (GS) and Wells Fargo (WFC), The Financial Times’ Stephen Gandel reports. Citi says it remains committed to its climate goals despite exiting the alliance, and plans to refocus its efforts on providing capital to emerging markets in order to support climate initiatives in those countries. Bank of America plans to work with clients to meet their climate goals. The banks’ exits are the latest sign corporate America may retreat from climate goals during Donald Trump’s second term as U.S. president, the report notes.
Don't Miss Our New Year's Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on C:
- U.S. credit card defaults at highest level since 2010, FT says
- Top Investor Issues Sell Ratings for Goldman Sachs, Wells Fargo, and Bank of America Ahead of 2025
- Largest borrow rate increases among liquid names
- Banks, business groups sue Fed over stress test framework, Reuters reports
- Fed to seek public comment on changes to bank stress tests