On Thursday, former President Donald Trump alleged that the CEOs of Bank of America (BoA) and JPMorgan Chase are denying services to conservative customers. This claim, which might potentially be a campaign issue in 2024, is categorically denied by both financial institutions.
The accusation was made during an interactive session at the World Economic Forum in Davos, Switzerland, where Trump addressed via video link. He directed his comments at BoA CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon, expressing hope that they would extend their services to conservatives.
In his statement, Trump said, “I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America.” He further urged, “You and Jamie and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong.”
Moynihan, who was among the selected executives questioning the president during the interactive session, did not immediately respond to Trump’s accusation.
However, both banks are firm in their denial of any such bias. An official from BoA stated in an email, “We serve more than 70 million clients, we welcome conservatives and have no political litmus test.” Similarly, a JPMorgan spokeswoman asserted, “We have never and would never close an account for political reasons, full stop.”
These accusations seem to spring from allegations made last year by state attorneys general. Kansas Attorney General Kris Kobach accused BoA of canceling the accounts of “multiple religious groups with mainstream views in the last three years.”
In response, BoA outlined that accounts are de-banked for reasons such as a change of stated purpose, the expected level or type of activity on the account, or failure to verify certain documents required by law. The bank also clarified that political or religious beliefs never influence decisions related to client accounts.
Influential figures in Trump’s circle continue to assert that banks discriminate based on religion or politics. Venture capitalist Marc Andreessen stated in November that a number of startup founders had been de-banked in recent years.
Despite the accusations, shares of BoA and JPMorgan Chase rose by over 1% on Thursday. The banking industry is seen as a potential beneficiary of a Trump re-election, largely due to predictions that he would dismantle Biden-era regulatory efforts.
To those interested in investing, these claims and their potential implications on the banking industry are certainly worth monitoring. However, it is crucial to remember that the primary purpose of this article is to report on the allegations made by former President Trump.
