Citigroup Inc said it will consolidate three of its investment banking groups into one called Natural Resources and Clean Energy Transition Group, in a push for environmental sustainability, an area that has become critical for investors.
The new unit, will be headed by Steve Trauber and Sandip Sen, according to a memo seen by Reuters on Monday.
The unit will include the chemicals, energy and power franchises, showed the memo from Tyler Dickson and Manuel Falcó, co-heads at Citi’s Banking, Capital Markets and Advisory business.
In a blog post on March 1, Citigroup’s Chief Executive Officer Jane Fraser announced the bank’s commitment to achieve net zero greenhouse gas emissions by 2050.
The COVID-19 pandemic has caused a surge in interest in companies that perform well on environmental, social and governance (ESG) targets.
Last year, Citi launched a new business unit within its corporate and investment bank dedicated to ESG goals.