On January 23, U.S. President Donald Trump accused the CEOs of Bank of America and JPMorgan Chase of not offering banking services to conservatives. Trump, who recently returned to the White House, has a history of challenging companies like Boeing and Ford while praising those aligned with his political goals. In a speech last year, Trump referenced right-wing concerns about the U.S. banking system.
Republican-led states aim to penalize Wall Street for taking positions on controversial topics like gun control, climate change, and diversity, which have divided the nation.
During his address at the World Economic Forum in Davos, Switzerland, Trump urged banks to provide access to conservatives, specifically mentioning Bank of America. He criticized their practices without providing evidence, during a discussion with corporate leaders and CEOs.
Bank of America's CEO, Brian Moynihan, did not directly respond to Trump's claim but acknowledged the U.S. hosting the upcoming World Cup. A spokesperson for the bank affirmed that they welcome conservatives and do not impose political tests on customers.
Likewise, JPMorgan, the largest U.S. bank, stated that they have never closed an account for political reasons, emphasizing adherence to regulations and regulatory guidance. The bank expressed readiness to collaborate with the new administration and Congress to clarify regulations while combatting financial crime.
Both banks highlight the complexity of regulatory requirements, stressing the importance of clear guidelines to prevent excessive caution. JPMorgan's CEO, Jamie Dimon, advocated for clearer banking regulations to define permissible activities and restrictions.