Trump slams Bank of America boss for refusing ‘conservative business’
President Donald Trump confronted Bank of America boss Brian Moynihan in front of the entire world Thursday for not providing banking services to conservatives.
“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. … what you’re doing is wrong,” Trump said during a question and answer session with corporate leaders and CEOs, who were assembled on stage at the annual World Economic Forum in Davos, Switzerland.
Trump, who spoke by satellite to address the forum, suggested his predecessor – former President Joe Biden – was behind the effort.
“And I don’t know if the regulators mandated that because of Biden or what,” Trump continued, “But you and [JPMorgan CEO Jamie Dimon] and everybody – I hope you’re going to open your banks to conservatives, because what you’re doing is wrong.”
Moynihan didn’t address Trump’s remarks in his own comments, but congratulated Trump on the U.S. playing host to the World Cup in 2026. The World Cup is a FIFA international soccer championship. Bank of America is sponsoring the tournament.
The Center Square has reached out to Bank of America for comment.
Bank of America, based in Charlotte, North Carolina, is one of the world’s biggest financial institutions, serving about 69 million consumer and small business clients with 3,700 retail financial centers in the U.S.
JPMorganChase said it doesn’t play politics.
“We have never and would never close an account for political reasons, full stop,” a spokesperson said in a statement. “We follow the law and guidance from our regulators and have long said there are problems with the current framework that Washington must address. We welcome the opportunity to work with the new Administration and Congress on ways to remove regulatory ambiguity while maintaining our country’s ability to address financial crime.”
Jamie Dimon, CEO of JPMorgan Chase, recently spoke about debanking during a podcast. He said it doesn’t happen for the reasons people might assume.
“We have not debanked anyone because of political or religious relationships, period. Now, when we debank someone, they often blame that reason, but that’s not a reason,” Dimon said during the Unshakeables podcast. “We don’t bank marijuana companies because there’s no federal law around it. We simply can’t follow the law. If there’s a federal law, we probably would. And we do bank some crypto companies and very carefully.”
