April 27, 2021
In its fourth-quarter earnings report, BofA stole public attention by cutting its 2020 corporate tax
rate to 5.8% from what would have been 21%. How in the world did it do so? The answer made
it the envy of Wall Street. It accomplished this by increasing the share of its investment in
environmental, social, and corporate governance. This move was met with jealousy from
smaller businesses as other Wall Street Giants such as Citigroup, Morgan Stanley, and
JPMorgan also saved with ESG. The trillion-dollar ESG club plans to ramp up its investment in
upcoming years as part of portfolio pledges to net-zero emissions. These initiatives are good for
regulators, shareholders, activists, and the bottom line. Investors are looking to the future and
ESG will be a useful tool in limiting its tax bill with the New Administration.
(Washington)
FINSUM + Magnifi: The key here is the future. Biden’s tax bill will include a whole suite of green proposals and tax hikes. ESG will be an investor’s best bet to avoiding some of those large hikes.
Other news today: China Forcing Financial Institutions to Go Green and These Tech Stocks are Too Cheap Because of the SPAC Plunge
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