Six major American financial institutions struggled to accurately assess the extent of their exposure to climate change and related risks, according to the Federal Reserve.
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One of the U.S.’ top banks will begin massive layoffs on Wednesday in a corporate overhaul as the company seeks to trim its operating expenses to levels more in line with its competitors, according to CNBC.
Citigroup will begin cutting employees on Wednesday, with new terminations continuing to be announced through next week, affecting some chiefs of staff, managing directors and lower-level employees, according to CNBC. Following the initial round of layoffs, more employees in less senior positions are expected to be dismissed in February, with the layoffs being expected to be fully completed by March 2024.
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Attorney General Jason Miyares said he’s joining 18 other attorneys general led in an investigation into several major banks for their involvement in the United Nations Net-Zero Banking Alliance (NZBA).
“The U.N’s Net-Zero Banking Alliance, which includes American companies, punishes Virginia farmers and Virginia companies that deal with fossil fuel-related activities,” Miyares said in a press release. “Virginians are not subject to U.N. business standards. That’s why I’ve joined a coalition of attorney generals investigating six major American banks for ceding authority to a foreign body.”
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Missouri Attorney General Eric Schmitt (R) on Wednesday announced he is leading a coalition of 19 states in a probe of six major banks over environmental, social and governance (ESG) investing policies and involvement with the United Nations’ Net-Zero Banking Alliance.
The states are investigating Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo, all of which are Net-Zero Banking Alliance members and are required to set emissions reductions targets to net zero by 2050.
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Corporations, including Citigroup, Apple and Match, are helping their employees undergo abortions in light of new, state-level restrictions.
Citigroup announced a policy of covering travel costs for U.S.-based employees seeking abortions “in response to changes in reproductive healthcare laws in certain states” in a Securities and Exchange Commission (SEC) filing. The policy will cover airfare and lodging, according to Bloomberg.
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