The Federal Reserve has released a statement detailing that some of the largest American banks participated in a new exercise. The Climate Scenario Analysis Exercise (CSA) involved some of the biggest names in banking and sought to asses their climate risk-management practices. Banks take part in climate exerciseBank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo participated. According to the Fed “the exercise highlighted data gaps and modeling challenges that arise when estimating the financial impacts of highly complex and uncertain risks over various …