US President Donald Trump on Thursday accused the leaders of Bank of America and JPMorgan Chase of denying banking services to conservatives.
Speaking via video link at the World Economic Forum in Davos, Switzerland, Trump addressed an audience of global corporate leaders and criticized the banks, suggesting they were sidelining conservative clients.
“I hope you start opening your bank to conservatives because many complain they’re being excluded. This includes a place called Bank of America,” Trump said, without offering specific evidence to support his claims.
During a question-and-answer session following his speech, Trump reiterated his concerns, stating, “What you’re doing is wrong,” while addressing corporate CEOs on stage.
Bank of America CEO Brian Moynihan, present at the event, did not directly respond to Trump’s allegations but instead praised the US for hosting the upcoming FIFA World Cup.
A spokesperson for Bank of America later stated via email, denying any political bias.
“We welcome conservatives and have no political litmus test,” the spokesperson affirmed.
JPMorgan Chase, the largest bank in the United States, also dismissed the allegations.
“We have never, and will never, close an account for political reasons,” a JPMorgan spokesperson said, Reuters reported.
The bank emphasized its adherence to regulatory guidelines, adding,
We welcome discussions with the Administration and Congress to address regulatory ambiguities while maintaining efforts to combat financial crime.
Trump’s remarks echo growing concerns among some conservatives about perceived bias within the US financial system.
In recent years, Republican-led states have introduced policies aimed at penalizing financial institutions for positions on issues like gun control, climate change, and diversity initiatives—topics that continue to polarize public opinion.
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