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Article

8 Jun 2009

Author:
Mark Cobley, Wealth Bulletin

Banks move to scale back socially responsible investing

Several banks [including Citigroup, JP Morgan and Bank of America Merrill Lynch] are cutting back their analysis of companies’ socially responsible policies…However, investor representatives said they were seeing a “mixed picture” emerging in banks’ support of the field…Representatives for Citigroup and Merrill Lynch said their banks were not necessarily playing down the idea of socially responsible investment…Sarah Wilson, the chief executive of shareholder adviser Manifest [said cuts to] “…corporate governance teams…[are] not helpful at a time when everyone is calling for more engagement…” [also refers to HSBC, Deutsche Bank]