10:18 AM EST, 12/20/2024 (MT Newswires) -- Wells Fargo ( WFC ) is ending its membership in climate finance group Net-Zero Banking Alliance, Bloomberg reported Friday, quoting a statement from the bank.

Wells Fargo ( WFC ) didn't give an explanation for the decision, the report said.

Bloomberg reported that financial firms have seen increasing pressure from US Republican lawmakers, which have launched investigations linked to the sector's projects to address climate change.

In response to a request for comment from MT Newswires, the lender confirmed it has left the alliance.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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