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Financial institutions news from around the web: August 1 – 5, 2022

Written on Aug 2, 2022

West Virginia won't work with major banks that pledged to fight climate change 
West Virginia has announced it will no longer do business with five financial institutions over their pledges to fight climate change by reducing financing for fossil fuel projects. It's the first time a state has severed financial ties with major financial institutions over their policies to reduce emissions. 

China banks rush to raise record debt as credit losses mount 
Chinese banks are rushing to boost capital as they prepare for a potential spike in bad loans due to the economic slowdown and spreading housing crisis. 

Barclays latest global bank ensnared in U.S. 'Whatsapp' probes 
U.S. regulators have been cracking down on the use of personal communications platforms by bank staff to discuss potentially market-moving matters with clients, with the issue gaining urgency since the COVID-19 pandemic led to more bankers working from home. 

Banks far from hitting Paris climate targets, groups warn 
The world’s most influential banks need to substantially accelerate climate efforts if global temperature rise is to be kept within the targets of the Paris Agreement, an assessment released by an institutional investors group warned.