Citigroup chief executive Jane Fraser, speaking at The Wall Street Journal’s CEO Council Summit on 7 December, said the bank will have to cut off some clients to meet its climate goals.

Fraser said the bank is going industry by industry to determine how to fulfill a pledge she made on her first day as chief executive in March to have its entire financing portfolio achieve net-zero carbon emissions by 2050. The bank has said it would release the plans and goal posts in the next year.