Yahoo! Finance, April 9, 2024, West Virginia Bars Citi, HSBC From Banking Contracts Over Oil
Citigroup Inc., TD Bank, Northern Trust Corp., and HSBC Holdings have been added to a list of companies that State Treasurer Riley Moore’s office determined engage in such a boycott based on a review of each institution’s environmental, social and governance policies and public statements. The financial firms will now be ineligible to provide banking services to the state, Moore’s office said in a press release on Monday.
As part of a 2022 GOP law, the state treasurer develops a list of financial institutions that have “publicly stated they will refuse, terminate or limit doing business with coal, oil or natural gas companies without a reasonable business purpose,” according to the statement. There are now nine financial services companies on the state’s list, including BlackRock Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.
