Skip to content
Subscriber Only
Green
Finance

JPMorgan Warns It Might Get Walloped by the Climate Crisis

  • Says climate crisis could materially disrupt its businesses
  • New risk factor is in the company’s annual regulatory filing
Germany's Drive to Slash CO2 Output May Cost $44 Billion
Photographer: Krisztian Bocsi/Bloomberg
Updated on

JPMorgan Chase & Co, long a target of public scrutiny for its relationship with the fossil-fuel industry, is getting more serious about the impacts of the climate crisis.

The bank’s annual regulatory report on Tuesday added “climate change” as a risk factor, saying it could hurt operations and customers. Risks including prolonged droughts or flooding, increased frequency of wildfires, rising sea levels and altered rainfall could “prompt changes in regulations or consumer preferences, which in turn could have negative consequences for the business models of JPMorgan Chase’s clients,” the company wrote in the filing.