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Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?

Citigroup has established a new sustainability and corporate transitions group as part of its global banking, capital markets and advisory business.

Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.

France and Germany have come together to support a €500bn EU recovery fund to be financed through European Commission debt issuance. Observers believe that the decision was likely encouraged by the German Federal Constitutional Court’s (BVG) recent verdict on the ECB’s quantitative easing programme.

JP Morgan has announced a restructuring of its equity capital markets team, after a solid start to 2020.

JP Morgan announced a new set of leaders for its underwriting, coverage and M&A business on Monday, following a series of promotions in February.

Tim Hoffmeister has taken up senior positions in an M&A advisory firm and a management consultancy in Germany.

Private creditors are working on ways to take part in the agreement to offer debt relief to the world’s 73 poorest countries granted under a deal negotiated by the Group of 20 countries.

Some of Europe’s largest banks have taken large chunks of syndicated loan market share in EMEA this year, as the pandemic has prompted some institutions to flex their muscles and others to retreat.

It was a busy first quarter at Commerzbank’s corporate clients division, as companies rushed to secure liquidity and access Germany’s support programmes. But that division and the group as a whole made a loss in the quarter, results released on Wednesday showed, as cost of risk rose and valuations of derivative positions fell.

The coronavirus pandemic will test the complex relationship between bank loans and the fabled ancillary business supposed to make it all worthwhile. Some banks have provided heaps of extra cash for European clients to keep them alive and it has changed the shape of the loan market, with some banks ramping up market share. But will companies return the love when the time comes?

UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.