JPMorgan forms new team in commercial banking unit as part of green push

JPMorgan forms new team in commercial banking unit as part of green push

April eight (Reuters) – JPMorgan Chase & Co mentioned on Thursday it has created a brand new workforce of bankers, who will work with firms that produce environmental-friendly items and providers.

As a part of the transfer, JPMorgan’s industrial banking division named Brian Lehman as the top of the ‘Inexperienced Financial system’ workforce, the financial institution mentioned in an announcement.

The brand new unit will assist firms that target environmental conservation, and initially goal on 4 sectors – renewable vitality, effectivity expertise, sustainable finance, and agriculture and meals expertise.

Lehman, who was most lately the top of diversified financials workforce throughout the industrial financial institution’s monetary establishments group, has greater than 20 years of expertise in sustainable finance.

The COVID-19 pandemic has precipitated a surge in curiosity in firms that carry out properly on environmental, social and governance (ESG) targets.

Final yr, JPMorgan had dedicated $200 billion to facilitate transactions that assist local weather motion and sustainable growth.

In March, Citigroup Inc introduced a brand new funding banking unit that can push for environmental sustainability. The unit will embrace the franchises for chemical compounds, vitality and energy.

Larry Fink, the chief govt officer of BlackRock Inc, the world’s largest asset supervisor, referred to as for extra disclosure necessities from non-public firms in sustainability measures on Wednesday. (Reporting by Sohini Podder in Bengaluru; Enhancing by Rashmi Aich)

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