Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Bank of America

Bank of America Vice Chairman Anne Finucane, who helped push the industry into climate finance and other forms of sustainable investing, will retire at the end of the year, the bank announced today.

Why it matters: Finucane positioned Bank of America as a leader in environmental, social and governance (ESG) efforts, and pushed the bank to commit to sustainable capital deployment as part of the business, not just as part of corporate-responsibility efforts.

Thomas Montag, COO and president of global banking and markets, will also retire at the end of 2021.

What they're saying: “From her time as one of the few senior women executives in financial services to today," Bank of America chairman and CEO Brian Moynihan said, Finucane has helped "make banking more transparent, while serving as a tireless advocate for equality, sustainable energy, education and health care."

  • Dina Powell McCormick, Goldman Sachs' global head of sustainability and inclusive growth, tells Axios: "Anne drove commercial success, pioneering work in the economic empowerment of women, and meaningful investment in underserved communities."
  • "As one of the most senior women in finance, she made a point to mentor and promote so many women," McCormick adds.

Backstory: Finucane, who joined the predecessor company Fleet Bank 26 years ago, helped lead Bank of America out of the financial crisis that began in 2007, including work on the Dodd-Frank legislation of 2010.

  • She was the first woman vice chair of Bank of America, and the first woman chair of the board of Bank of America Europe, the release said.
  • She oversaw the company’s creation last year of a $1.25 billion commitment to advance racial equality and economic opportunity over five years, and has been instrumental in supporting women leaders throughout business.
  • After retirement, Finucane will become non-executive chairman at Bank of America Europe, and will become a member of the company’s Global Advisory Council.

What to watch: Finucane is expected to continue working on climate issues.

Montag joined the company in 2008 as EVP and head of global sales and trading at Merrill Lynch, prior to the company’s merger with Bank of America.

  • Montag, co-chair of the Sustainable Markets Committee with Finucane, will also become a member of the company’s Global Advisory Council.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.

Go deeper

Latin America countries are worried about inflation

Illustration: Sarah Grillo/Axios

Chile’s central bank became the latest in Latin America to hike interest rates this week, startling markets with a decision to double its overnight rate.

Why it matters: Inflation has been running high in parts of Latin America. And central bankers across the region don’t have the luxury of maintaining a “looser for longer” monetary policy the way the Fed and the ECB do.

Felix Salmon, author of Capital
Sep 3, 2021 - Economy & Business

Goldman and Citigroup's pandemic-era stock performance couldn't be more different

Expand chart
Data: YCharts; Chart: Axios Visuals

Goldman Sachs has had a great pandemic. Its shares are now trading at almost six times the level they traded at when the bank went public in 1999.

Why it matters: That's not because the banking industry, in general, has done particularly well. Citigroup shares, decimated by the 2008 financial crisis, are trading 80% below their level at the time of the Goldman IPO.

11 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.