Wall Street's largest banks simultaneously exited the same net-zero climate alliance that was probed by Republican lawmakers last year, announced just weeks before President-elect Donald Trump will be sworn into office.

Since 2021, banking giants have been prominent members of the Net-Zero Banking Alliance (NZBA), a global group of financial institutions "committed to financing ambitious climate action" to transition the economy to net-zero greenhouse gas emissions by 2050. 

However, since December, six of the world's largest banks, J.P. Morgan, Wells Fargo, Goldman Sachs, Morgan Stanley, Citigroup and Bank of America, have all separately announced their leaving the alliance, which encourages its member banks to additionally "design, set, and achieve" science-based, net-zero targets.

The banks said that they remain committed to emission reduction targets, but they will do so independently.

A POTENTIAL SECOND WITHDRAWAL FROM PARIS CLIMATE TREATY COULD LOOK DIFFERENT THAN FIRST US EXIT

"We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security," a spokesperson for J.P. Morgan, the latest bank to withdraw from the alliance, said in a statement.

BlackRock, the world's largest investment firm, also announced on Thursday it was separating from a major climate group, the Net Zero Asset Managers Initiative, which works with asset managers to attain net-zero emissions by 2050 or sooner.

The synchronicity of the exits comes just weeks before Trump, who is expected to break away from President Biden's greenhouse gas emissions reduction target and potentially withdrawal from the Paris Climate Agreement, will assume the presidency.

"The sudden exodus of these big US banks out of the NZBA is a lily-livered effort to avoid criticism from Trump and his climate denialist cronies," said Paddy McCully, a senior analyst at Reclaim Finance, the Guardian reported. 

"A few years ago, when climate change was at the front of the political agenda, the banks were keen to boast of their commitments to act on climate," McCully added. "Now that the political pendulum has swung in the other direction, suddenly acting on climate does not seem so important for the Wall Street lenders."

The exits come nearly a year after a group of House Republicans launched a probe into the six banks over their involvement in the international alliance over claims it could impact the agriculture sector.

Vince McMahon, who co-founded and previously served as the CEO of WWE, and the Securities and Exchange Commission (SEC) have reached a settlement following a yearslong probe over undisclosed settlements.

The federal investigation was launched to determine whether McMahon disclosed to the company's board and others that he signed two settlement agreements worth more than $10 million with two women in order for them not to reveal potential claims against himself and WWE.

The SEC said McMahon, without admitting or denying its findings, agreed to cease and desist from violating certain provisions, pay a $400,000 civil penalty and reimburse WWE approximately $1.3 million.

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McMahon released a statement on Friday, arguing the situation was the result of "minor accounting errors."

"The case is closed. Today ends nearly three years of investigation by different governmental agencies. There has been a great deal of speculation about what exactly the government was investigating and what the outcome would be. As today's resolution shows, much of that speculation was misguided and misleading," the statement read. "In the end, there was never anything more to this than minor accounting errors with regard to some personal payments that I made several years ago while I was CEO of WWE. I'm thrilled that I can now put all this behind me."

Federal prosecutors declined to comment.

VINCE MCMAHON CALLS SEXUAL MISCONDUCT ALLEGATIONS AGAINST HIM 'PURE FICTION'

SEC officials on Friday said one agreement was signed in 2019 and the other in 2022. One agreement required McMahon to pay a former employee $3 million in exchange for the former worker's agreement to not disclose her relationship with McMahon and her release of potential claims against WWE and McMahon.

The other agreement obligated McMahon to pay a former WWE independent contractor $7.5 million in exchange for the independent contractor's agreement to not disclose her allegations against McMahon and her release of potential claims against WWE and McMahon, per the SEC.

McMahon stepped down from his role as chairman and CEO of the popular professional wrestling promotion in 2022, pending the results of an internal investigation which stemmed from allegations of hush-money agreements. His daughter Stephanie McMahon assumed her father's leadership duties. 

A few weeks after stepping down, McMahon announced his intentions to retire from WWE. He returned as executive chairman in 2023, but resigned from TKO — a company that was the result of a merger between the WWE and Zuffa, UFC's parent company — in 2024. McMahon's resignation came after a former employee filed a federal lawsuit accusing him and another former executive of serious sexual misconduct. 

McMahon maintained he committed no wrongdoing following the filing of the lawsuit.

By McMahon not disclosing the agreements to WWE's board, legal department, accountants, financial reporting personnel or auditors, it circumvented the company's system of internal accounting controls and caused material misstatements in its 2018 and 2021 financial statements, the commission said.

The SEC's order found that, because the payments required by the 2019 and 2022 agreements were not recorded, WWE overstated its 2018 net income by approximately 8% and its 2021 net income by about 1.7%.

Once WWE learned of the settlement agreements, it issued a restatement of its financial statements in August 2022.

"Company executives cannot enter into material agreements on behalf of the company they serve and withhold that information from the company's control functions and auditor," Thomas P. Smith Jr., associate regional director in the New York Regional Office, said in a statement.

The Associated Press contributed to this report.

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2025 is here, and after diet and exercise, money and paying off debt are always at the top of the list for Americans' New Year’s resolutions. How can you make a game plan that’s actionable and tactical on January 1? Here are five great ideas to get the new year off to a bang! 

Did you know the average person visits the grocery store more than 10 times a month? According to Oxygen Financial, that adds up to a significant chunk of your time. And with each trip taking an average of 43 minutes (source: Time Institute), the hours really add up. And remember this, the grocery stores have the same goal as the casinos in Las Vegas, which is to separate you from your wallet.  

In fact, right near me in Atlanta, Ga., a Publix recently opened with a full bar where you can drink beer and wine. Now, why would you need to do that? The reason is that grocery stores know it's paramount to get you to spend more time in the store and, consequently, you’ll spend more money. 

RARE GOLD COIN WORTH THOUSANDS DROPPED INTO SALVATION ARMY BUCKET BY ANONYMOUS HOLIDAY DONOR

Here’s how you can cut down on those trips: 

Investing isn’t just for the ultra-wealthy anymore. With as little as $100, you can diversify your portfolio with assets once reserved only for the rich: 

These options offer creative ways to grow your wealth without requiring a massive upfront investment. 

Debt is a huge financial burden for many Americans, with credit card debt alone nearing $1.2 trillion and the average balance sitting at $6,327. Tackling your debt now will set you up for long-term financial freedom. 

Here are two pro tips going into 2025: 

Recurring subscriptions can quietly drain your finances. Many people forget about services they no longer use, and costs for some subscriptions like YouTube TV have doubled over the past seven years (now priced at $82.99 per month). 

Here’s how to regain control: 

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Do you have a stash of airline miles, hotel rewards, or credit card points? These points represent real money — but their value decreases over time due to inflation and rising redemption costs. 

Consider this: In the past five years, your points have likely lost 20% of their value. Waiting too long to use them could mean missing out on rewards you’ve earned. 

Here’s how to make the most of your points: 

Whether it’s cutting down on unnecessary shopping trips or finding innovative ways to invest, these simple changes can make a big impact on your finances. Start small by reviewing your grocery habits or subscriptions, then work your way up to investing and tackling debt. Every step you take will bring you closer to becoming a millionaire. 

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