Bank Workers Climate Forum

31/01/2023

’s increasing impact on our clients and customers is no joke, so why is Citi CEO (and funder of ) Jane Fraser laughing? 🤔

31/01/2023

If we’re going to hold big, powerful banks accountable to their commitments, we’re going to need all hands on deck! Join us at Bankworkersclimateforum.org. Together, financial professionals like us can build a sustainable future for our industry & planet!

31/01/2023

“Board vows to stop granting Dimon special awards in future.” In other words ➡️ “Just one last time—we promise!” When it comes to promises about curbing outrageous spending on C-suite salaries in the financial industry, we'll believe it when we see it!

JPMorgan Chase & Co. kept Chief Executive Officer Jamie Dimon’s total compensation at $34.5 million for his work in 2022, a year in which the firm’s profit fell by almost a quarter and the stock notched its worst annual performance in over a decade.

31/01/2023

Big banks are "greenwashing" to appeal to conscious customers & employees, but don't believe the hype: "Your bank account—because it is used to expand pipelines, frack wells and the like—could represent the heaviest part of your climate footprint."

American taxpayers support the banking industry. We should demand this in return: Stop lending money for the expansion of the fossil fuel industry.

30/01/2023

Bank workers, how many times have you thought, “I love my job, I just hate where I work”? It’s not just you. But together, we can bring lasting, positive change to our industry. Learn more at BankWorkersClimateForum.org

30/01/2023

Adding insult to injury, by banks & investors "is all the more damaging as it casts doubt on the sincerity of all net zero commitments, and undermines the efforts of those who are truly acting for the .” —Lucie Pinson, Reclaim Finance

Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’

30/01/2023

has been a growing issue for many industries as compensation & staffing fail to keep pace with demands on employees, and our industry is no exception. Our institutions should be building capable financial professionals, not burning through them.

Jacinda Ardern is the latest big name to step back from her position due to burnout. Is her decision enough to finally move the needle on workplace mental health?

27/01/2023

When it comes to mitigating climate risk and ensuring a climate safe future, now is the time for ACTION in our industry, not backsliding. Read ShareAction’s full report here: https://shareaction.org/news/worlds-largest-asset-managers-block-progress-on-environmental-and-social-issues

27/01/2023

Is managing a priority at YOUR bank? “The public reasonably expects supervisors to require that banks understand & appropriately manage their material risks, including the financial risks of climate change”—Federal Reserve Chair Jerome Powell.

The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines.

27/01/2023

Bank workers, how does it feel to hear “We’re all in this together!” from CEOs who are still cashing multi-million dollar paychecks right now? Sound off in the comments, or contact us at bankworkersclimateforum.org!

23/01/2023

No workarounds or greenwashing. In order to build a sustainable future for our industry and planet, banks must act with integrity.
Read more here:

I did not imagine that so much of the key demand for UK banks to stop funding new fossil fuel projects would be achieved by the end of 2022, writes Donnachadh McCarthy

23/01/2023

That feeling when you and your co-workers start talking about how working together to change the financial industry and build a climate-safe future for all! Join us at bankworkersclimateforum.org

20/01/2023

Did you catch this post from Rainforest Action Network - RAN earlier this month? We have a long road ahead of us, but progress towards a future is being achieved. Financial professionals must unite to put pressure on our institutions to follow through on climate commitments and invest responsibly—that means out with fossil fuels.
Read more here: https://www.techtimes.com/articles/285828/20230104/renewable-energy-outperforms-fossil-fuels-debt-financing-first-time.html

20/01/2023

A better future is in our hands– but not if our banks continue funding fossil fuels and walking back net-zero commitments! Join other financial professionals who are ready to bring change to our industry at bankworkersclimateforum.org.

20/01/2023

Burnout is still on the rise– how has it been impacting you and your fellow financial professionals? What changes are you ready to see in our industry to address burnout?

Top priorities in 2023 are addressing manager burnout to improve employee well-being, uncovering what employees actually want when it comes to flexible work and using HR data to make a “people-first culture” a reality, according to new data.

18/01/2023

A look at the financial toll can have on the economy–as well as the opportunities that can be realized if our industry changes course and stops funding fossil fuels:

Delaying the net-zero transition could cost the U.S. economy $14.5 trillion in the next 50 years, according to a new report by Deloitte. Yet, bold action on climate change could boost GDP and jobs.

18/01/2023

With layoffs hitting our industry hard, we must ask ourselves: how did we get here, and how can we work together to ensure we get back on track? This articletakes a look at how cutting CEO pay impacts employee satisfaction and turnover:
https://www.forbes.com/sites/corinnepost/2023/01/02/when-ceos-take-a-pay-cut-what-difference-does-it-make/

AMC CEO Adam Aron says he doesn't want a raise when shareholders are hurting. Such CEO sacrifices sometimes help, but can also backfire.

18/01/2023

“Citi must make a hard turn closing all loopholes in their existing coal policy... Otherwise any remaining illusion that Citi is a leader on climate change should be abandoned.”
No exceptions, no loopholes. We're ready for real change in our industry. How about you?
Read more from Bank On Our Future’s report here: https://bankonourfuture.org/news/citi-coal-development/

Citi is the biggest Western funder of coal growth, despite positioning itself as a leader on sustainability. It must stop funding coal.

17/01/2023

In 2023, it’s vital that banks are held accountable on climate: "U.S. regulators laid the groundwork last year to address the threats that poses to the global financial system. This year could see those efforts bear fruit." https://www.scientificamerican.com/article/financial-firms-may-have-to-reveal-their-climate-risk/

If regulators finalize proposed rules, financial firms may have to reveal their climate-related risks, and public companies may have to disclose greenhouse gas emissions

17/01/2023

Whether it’s busy season, busier season, or any time of the year, there’s no excuse for financial professionals to be treated as disposable by their institutions. Join us as we work together to build a better industry for bank workers, our customers, and the planet! bankworkersclimateforum.org

09/01/2023

This one’s for all the folks in risk assessment trying to get their financial institutions to finally take climate risk seriously. Does that sound like you? Connect with us at Bankworkersclimateforum.org!

09/01/2023

“There are a lot of people pushing on banks from the outside to divest from ... But there aren’t so many people looking at employees on the inside. Ultimately it’s they who have to set a net-zero target and follow through on it.”

A six-month crash course on climate for bankers, organized by the UK nonprofit Finance Innovation Lab, aims to nurture a corps of climate advocates within the middle ranks of mainstream banks.

06/01/2023

As financial professionals, we must also be forward-thinkers. So why are our employers failing our clients by continuing to ignore climate risk and making empty promises? Join us as we work together to hold our institutions responsible at www.bankworkersclimateforum.org!

06/01/2023

"Workers deserve something much better than a mental-health day: jobs that don’t strain their mental health in the first place."
Working to the point of should not be a prerequisite for a career in banking— like if you agree! https://www.theatlantic.com/family/archive/2022/11/workplace-burnout-mental-health-days/672111/

Workers don’t need a new type of sick day. They need sustainable jobs.

04/01/2023

When financial institutions play fast and loose with climate commitments, they fail to act in the best interests of the clients we've worked hard to build trusting relationships with. It's up to us to hold them accountable! Learn more at bankworkersclimateforum.org. https://blackrocksbigproblem.com/will-2022-be-known-as-the-year-blackrock-lost-its-edge/

04/01/2023

If only groceries, mortgages, education, health care, and other everyday expenses could be paid for in compliments and admiration from our bosses. Until then, we’ll take salaries that reflect our value, please. [credit: ]

04/01/2023

Saying “net-zero” and achieving net-zero climate targets are two very different things. That’s why we’re calling on our employers to take action for a climate-safe future and deliver on credible, transparent targets. Learn more at bankworkesrclimateforum.org

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/path-to-net-zero-banks-climate-targets-clouded-by-discrepancies-opaqueness-72752733

Twenty-six of the 30 largest banks in the U.S., Canada and Europe have published their first 2030 decarbonization targets, but diverging design choices and lack of transparency make it hard to assess their credibility and relative level of ambition.

03/01/2023

Financial professionals, a better future is in our hands– but we can’t let our industry drop the ball! Is your employer among those turning their backs on climate commitments? Connect with us at bankworkersclimateforum.org!
https://grist.org/economics/vanguard-asset-managers-net-zero-esg/

03/01/2023

And just like that, it’s the first week of 2023! Anyone else pouring an extra cup of coffee today?
[credit: Committee for Better Banks]