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BofA, Wells Fargo and others band together to manage climate risk
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fnlondon.comA group of large banks, including Bank of America Corp., Wells Fargo & Co. and Royal Bank of Canada, have formed a consortium to jointly address climate-related risks, a move that comes as financial institutions increasingly grapple with the issue.
The consortium, formed by 19 banks and the Risk Management Association, intends to develop standards for measuring and managing climate risk, according to an announcement expected later Wednesday.
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