Big US Banks Tell Fed It's Challenging to Estimate Climate Risk [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
Last goldman sachs group, inc. (the) earnings: 4/15 07:30 am
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Source: BNN Bloomberg
The takeaway follows a months-long pilot exercise to measure how hurricanes, drought or other extreme weather events can affect lenders' portfolios. Six banks participated: Goldman Sachs Group Inc., JPMorgan Chase & Co., Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and Morgan Stanley. Some data challenges were related to building characteristics and insurance coverage. “In many cases, participants relied on external vendors to fill data and modeling gaps,” according to the Fed report released Thursday. The banks also suggested that risks tied to climate are tough to measure. “The uncertainty around the timing and magnitude of climate-related risks made it difficult for participants to determine how best to incorporate these risks into their risk management frameworks on a business-as-usual basis,” according the report. Unlike traditional stress tests, the climate program won't have capital or supervisory implications for the banks, according to the Fed. The exercise
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