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Wall Street’s Biggest Banks Failing Key ESG Test in Fresh Study

  • JPMorgan, BofA, Citi are listed as falling short in analysis
  • Study also singles out Goldman, Morgan Stanley and Wells Fargo
A Wall St. sign in front of the New York Stock Exchange (NYSE) in New York, US, on Monday, March 20, 2023. Stocks rebounded as regulators worldwide rushed to shore up market confidence over the weekend, with the recent financial turmoil spurring speculation on a slower pace of tightening from major central banks.
A Wall St. sign in front of the New York Stock Exchange (NYSE) in New York, US, on Monday, March 20, 2023. Stocks rebounded as regulators worldwide rushed to shore up market confidence over the weekend, with the recent financial turmoil spurring speculation on a slower pace of tightening from major central banks.Photographer: Michael Nagle/Bloomberg

The six biggest banks on Wall Street are failing to live up to a key plank of their ESG commitments to stakeholders, according to a joint study published on Wednesday.

An analysis by Ceres and the Transition Pathways Initiative has found that JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. have yet to align their oil and gas financing goals for 2030 with a scenario that keeps global warming within the critical threshold of 1.5C.