Banks find downside of climate retreat as clients revolt

Asset managers not happy with political flip-flopping at Wells Fargo, others

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Wall Street’s Charging Bull, a bronze statue created by Italian artist Arturo di Modica after the 1987 Black Monday stock market crash.

Large banks in full-scale retreat from their climate targets in fear of President Donald Trump’s wrath are finding an unexpected obstacle to their political flip-flopping — their clients still want environmental, social and governance goals.

ESG and DEI may be scrubbed from government websites, but they are still a real priority for asset managers with billions to invest, and those managers are making themselves heard.

The People’s Pension, one of the largest British pension funds, pulled £28 billion ($36 billion) from State Street STT 0.00%↑ recently and gave it to fund managers Amundi and Invesco because of concern the Boston-based bank was retreating from its record of responsible investment, according to the Financial Times.