JPMorgan JPM-N 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-N, Wells Fargo WFC-N, Citi C-N, Bank of America BAC-N, Morgan Stanley MS-N and now JPMorgan – have all left the group in the space of a month.
JPMorgan 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.”