Green
Wall Street Risks Becoming Regulators’ ‘ESG Police,’ Mayo Says
Goldman Sachs headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The biggest U.S. banks are at risk of becoming regulators’ enforcement arm for climate matters and other social issues, Wells Fargo & Co. said.
The five largest U.S. banks have committed a combined $4 trillion to address climate issues during the next decade, according to Wells Fargo analysts led by Mike Mayo. The companies -- JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley -- are also making a push for carbon neutrality in their own operations.