Bank of America has named two of its most senior bankers in Europe to lead a new group focused on environmental, social and governance issues.
The US bank has created a new ‘ESG strategic council’ for Europe, the Middle East and Africa, according an internal memo seen by Financial News.
Fernando Vicario, who leads its European Union bank, and Julian Mylchreest, its executive vice chairman in global corporate and investment banking, will chair the new group.
The group is aiming to both minimise Bank of America’s environmental impact in the region and work on how the bank can advise clients on ESG issues, which are increasingly driving board room discussions and deal decisions.
The council will also feature 14 senior Bank of America employees in Emea, including its head of capital markets Jeff Tannenbaum, and Andrea Sullivan, its head of ESG.
Investment banks have been increasing focused on ESG, both within their own organisations and as a way to drum up business from clients. Citigroup, Deutsche Bank, Goldman Sachs, HSBC and JPMorgan among others all now have dedicated teams of dealmakers focused on ESG.
The asset management community is also upping its focus in the area. On 10 June, 457 institutional investors overseeing some $41tn in assets, including the likes of Fidelity International, State Street, Amundi and Schroders issued a statement to the G7 nations demanding urgent action to cut greenhouse emissions.
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