Citi Adds Investment-Banking Division Focused on Sustainability

(Bloomberg) -- Citigroup Inc. said it will create a division within its investment-banking unit after the coronavirus pandemic increased the importance of sustainability plans for corporations around the world.

The division, known as the sustainability and corporate transitions group, will be led by Keith Tuffley and Bridget Fawcett, according to an internal memo to employees Tuesday. The bank is also creating an advisory group made up of outside experts on topics including climate and earth sciences.

Citigroup joins rivals including Barclays Plc in trying to capitalize on companies’ growing desire to lower their carbon emissions and become more sustainable. Citigroup last year promoted Elree Winnett Seelig to a new role as head of sustainable finance and environmental, social and governance, or ESG, within its markets and securities services unit.

“The current Covid crisis will elevate the importance of ESG to our clients, as they increasingly focus on more sustainable and resilient strategies,” Tyler Dickson and Manuel Falco, global co-heads of Citigroup’s banking, capital-markets and advisory group, said in the memo.

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