Commerzbank, Germany’s second-biggest lender, will no longer speculate on basic food prices, for moral reasons. The bank has removed all agricultural products from its funds.
This move comes in response to studies which showed the impact these sorts of funds had on artificially raising global food prices, causing hunger in many parts of the world.
Commerzbank faced a severe dip in net profits year-on-year during the first half of the year, seeing a 36% decrease.
This move might inspire other financial firms to take similar actions, showing that the consequences of their actions are much greater than financial ones.