JPMorgan Ditches Climate Advisory Head Amid Energy Shift
Rama Variankaval, JPMorgan Chase & Co.'s global head of corporate advisory for 23 years, is leaving the bank this month as part of a reshuffle. The move comes as the bank merges its climate advisory with broader energy services.
The bank's focus has shifted from pandemic-era net-zero talk to financing energy supply in response to soaring demand and growing anxiety about artificial intelligence and warfare. Heather Zichal, global head of sustainability, will oversee a newly formed center for energy and environment, which will bring together the bank's energy, climate, and policy expertise.
Variankaval declined to comment on his departure, but his team will be merged with other services targeting various energy themes. Sarah Kapnick, a former chief scientist at the US National Oceanic and Atmospheric Administration, will continue to run JPMorgan's climate advisory business.