ESG & Investing
Wall Street’s Top Banks Just Quit a Once Popular Alliance
- Citi, BofA, Goldman Sachs are among the firms leaving NZBA
- Defections are occurring as Republican-led pressure increases
This article is for subscribers only.
Within the span of a month, Wall Street’s biggest banks have quit what had been one of the most popular clubs inside global finance.
The Net-Zero Banking Alliance — a group dedicated to helping lenders reduce their carbon footprints — has in quick succession been abandoned by Goldman Sachs Group Inc., Wells Fargo & Co., Citigroup Inc., Bank of America Corp. and Morgan Stanley. JPMorgan Chase & Co., the largest US bank, looks to be next in line.