Press releases & notable news

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Banks move to scale back socially responsible investing

By Mark Cobley,

Date: Jun 8, 2009

Several banks are cutting back their analysis of companies' socially responsible policies, according to Thomson Reuters, which does a regular survey of equity analysts.

The cuts suggest investors who place a high priority on corporate social responsibility might have to make do with less information on the subject. However, investor representatives said they were seeing a "mixed picture" emerging in banks' support of the field.

Steve Kelly, global head of surveys at Thomson Reuters Extel, said Citigroup, JP Morgan and Bank of America Merrill Lynch were among the banks to have cut back in the past few months.

Representatives for Citigroup and Merrill Lynch said their banks were not necessarily playing down the idea of socially responsible investment. Despite some cuts, both banks still have staff working in SRI. JP Morgan did not comment.

For the full article read:
http://www.wealth-bulletin.com/wealth-business/content/1054386395/