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Sept. 30, 2022, 6:25 a.m. EDT

Megabanks to take part in Fed's pilot climate scenario analysis exercise

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By Steve Gelsi

Bank of America /zigman2/quotes/200894270/composite BAC -4.92% , Citigroup /zigman2/quotes/207741460/composite C -3.70% , Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -2.42% , JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM -2.93% , Morgan Stanley /zigman2/quotes/209104354/composite MS -2.84% and Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -4.88% are taking part in a pilot program on climate change with the federal government starting in 2023, the Federal Reserve Board said Thursday. The banks will team up with the Fed on a climate scenario analysis exercise. The Fed aims to "enhance the ability of supervisors and firms to measure and manage climate-related financial risks," according to a statement. There will be no capital or supervisory implications from the pilot, the Fed said. The program was announced as Hurricane Ian lashed Florida and headed toward South Carolina. The Financial Select Sector SPDR ETF /zigman2/quotes/209660484/composite XLF -2.66% is down 21.5% in 2022, compared to a 23.6% drop by the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% .

/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 34.31
-1.78 -4.92%
Volume: 52.28M
Dec. 5, 2022 3:52p
P/E Ratio
10.87
Dividend Yield
2.57%
Market Cap
$289.45 billion
Rev. per Employee
$507,534
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 45.49
-1.75 -3.70%
Volume: 14.55M
Dec. 5, 2022 3:52p
P/E Ratio
6.24
Dividend Yield
4.48%
Market Cap
$91.50 billion
Rev. per Employee
$413,881
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/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 371.37
-9.21 -2.42%
Volume: 1.32M
Dec. 5, 2022 3:52p
P/E Ratio
9.87
Dividend Yield
2.70%
Market Cap
$128.88 billion
Rev. per Employee
$1.30M
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 131.20
-3.96 -2.93%
Volume: 6.46M
Dec. 5, 2022 3:52p
P/E Ratio
11.06
Dividend Yield
3.05%
Market Cap
$396.45 billion
Rev. per Employee
$512,134
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/zigman2/quotes/209104354/composite
US : U.S.: NYSE
$ 89.49
-2.62 -2.84%
Volume: 6.10M
Dec. 5, 2022 3:52p
P/E Ratio
12.98
Dividend Yield
3.47%
Market Cap
$155.66 billion
Rev. per Employee
$817,280
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 43.70
-2.24 -4.88%
Volume: 22.25M
Dec. 5, 2022 3:52p
P/E Ratio
11.37
Dividend Yield
2.74%
Market Cap
$175.05 billion
Rev. per Employee
$277,428
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 34.98
-0.95 -2.66%
Volume: 39.48M
Dec. 5, 2022 3:52p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,994.84
-76.86 -1.89%
Volume: 0.00
Dec. 5, 2022 3:52p
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