| Banks cut back on CSR analysis |
|
|
| Friday, 12 June 2009 | |
|
According to Thomson Reuters, several banks have reduced their analysis of business' policies on social responsibility. The cutback implies that investors interested in corporate social responsibility may have to seek information elsewhere. On the other hand, investor representatives have been reported to have said they was a "mixed picture" of the banks' support of socially responsible investing. According to global head of surveys at Thomson Reuters Extel, Steve Kelly, Citigroup Inc, JP Morgan Chase & Co and Bank of America Merrill Lynch, a unit of Bank of America Corp, were among the banks that have reduced in CSR analysis in the past few months. However, representatives for Citigroup and Merrill Lynch said their banks were not necessarily cutting back on socially responsible investment. Despite some reduction, both banks have been reported to have said that they have employees working on socially responsible investment. JP Morgan preferred not to comment. Kelly was reported to have said, "Other banks, such as HSBC, have come to market recently with socially responsible analysis." Meanwhile, Deutsche Bank AG is reported to be making much of its climate-change team.
|