Four of the world’s biggest banks — Citi, Bank of America, Wells Fargo and JPMorgan Chase — have left one of the longest-standing environmental and social market-based frameworks: the Equator Principles. They say that recent changes to its governance model and a desire to make independent business decisions not bound by “third-party dictates or approvals” had guided their decisions.
According to the Equator Principles’ website, the four banks voluntarily left as signatories to the principles this year, along with four other banks — Sumitomo-Mitsui Corporation, Bank of Chongqing, Chongqing Rural Commercial Bank, Bank of Jiangsu — who also left voluntarily.
