Wall Street checks out of coal mines

Under pressure from government officials and environmental advocacy groups, a growing number of top financial services firms are scaling back their financing of coal mining operations.

This month, JPMorgan Chase and PNC Financial announced new policies restricting their activity supporting mountaintop removal, a particularly destructive coal mining process. It comes after banks such as Morgan Stanley, Wells Fargo, Citigroup, Goldman Sachs and Bank of America announced commitments to back away from financing the coal industry, although the language in each firm’s environmental statements tends to vary.