BlackRock, JPMorgan Barred From West Virginia Banking Contracts

West Virginia will restrict BlackRock Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. from state banking contracts after the Republican state treasurer found that the companies engage in a so-called boycott of the fossil fuels industry.

Under a state law passed in March, known as Senate Bill 262, the treasurer may put banks on a list of restricted financial institutions and bar them from state banking contracts if the office finds the firms engage in what it deems to be a boycott of energy companies. The treasurer hires banks ...