Trump has begun another trade war. Here's a timeline of how we got here
Canada's leader laments lost friendship with US in town that sheltered stranded Americans after 9/11
Chinese EV giant BYD's fourth-quarter profit leaps 73%
You're an American in another land? Prepare to talk about the why and how of Trump 2.0
Chalk talk: Star power, top teams and No. 5 seeds headline the women's March Madness Sweet 16
Purdue returns to Sweet 16 with 76-62 win over McNeese in March Madness
By Ross Kerber
(Reuters) - JPMorgan Chase & Co said its asset management unit has left a flagship industry climate effort, a blow to the group that had paused operations in January in an effort to halt defections amid political pressure from U.S. Republicans.
A statement sent by a representative of the unit known as JPMAM noted the pause by the Net Zero Asset Managers initiative in January, which took place "in the midst of developments in the regulatory environment and client expectations. In light of that, JPMAM has decided to exit."
The company did not immediately comment further. Nor did organizers of the initiative. It has been under pressure from Republicans, many from energy-producing states, who say fund firms colluded to cut emissions. Companies that have faced such accusations have strongly denied wrongdoing.
Launched in December 2020, the group known as NZAM aimed to align the global fund management industry with climate goals. At the start of the year, it counted more than 325 signatories managing more than $57.5 trillion in assets.
But BlackRock, the world's biggest asset manager, quit NZAM in January, leading to the suspension of efforts. JPMorgan itself left a parallel effort, the Net Zero Banking Alliance, the same month.
(Reporting by Ross Kerber; Editing by Chizu Nomiyama and Nick Zieminski)
