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JPMorgan becomes latest U.S. lender to quit Net-Zero Banking Alliance
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JPMorgan becomes latest U.S. lender to quit Net-Zero Banking Alliance
Jan 7, 2025 6:18 AM

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Last of the Big-6 U.S. banks to leave the group

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Says remains 'focused on pragmatic' climate solutions

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Exit comes amid rising U.S. political pressure

(Adds detail on previous leavers and political pressure in

paragraphs two and three)

By Simon Jessop

LONDON, Jan 7 (Reuters) - JPMorgan ( JPM ) said on

Tuesday it was leaving the Net-Zero Banking Alliance, the latest

U.S. lender to quit the sector's biggest climate coalition amid

rising U.S. political pressure.

The move means the six biggest banks in the world's largest

economy - Goldman Sachs ( GS ), Wells Fargo ( WFC ), Citi,

Bank of America ( BAC ), Morgan Stanley ( MS ) and now JPMorgan ( JPM )

- have all left the group in the space of a month.

JPMorgan ( JPM ) gave no clear reason for leaving the

initiative, yet it comes after months of pressure from some

Republican politicians who said membership of such coalitions

could breach anti-trust rules.

"We will continue to work independently to advance the

interests of our Firm, our shareholders and our clients and

remain focused on pragmatic solutions to help further low-carbon

technologies while advancing energy security," a company

spokesperson said in a statement.

"We will also continue to support the banking and investment

needs of our clients who are engaged in energy transition and in

decarbonizing different sectors of the economy."

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