Deutsche Bank pulling back from embattled coal sector
Deutsche Bank has become the latest big-name organisation to pull back from the coal industry, following Bank of America and JP Morgan. Recently, six senior members of Deutsche Bank’s staff, responsible for coal deals, moved to New York firm Jefferies. The German company has no plans to replace them. It's another blow for the beleaguered coal industry, as investment from banks has slipped from $1.6bn in 2011 to $820m in 2015.

Pressured by environmentalists and worried about big losses from a troubled industry, many large banks and other lenders have made a hasty retreat from coal mining in recent years.

But even in these dark times, there was one bank that many coal miners could still count on for financing and advice: Deutsche Bank.

Not any longer.

The German banking giant is pulling back from the embattled coal sector, another sign of the increasing risks for banks that finance industries that contribute to climate change.

Last week, six senior members of Deutsche Bank’s metals and mining investment banking team, which was responsible for overseeing deals in the coal industry, said they were decamping for Jefferies, a smaller, scrappy New York investment bank that has a knack for scooping up investment bankers who increasingly feel out of place at larger, more heavily scrutinized global banks.