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Trump accuses Bank of America, JPM of not doing business with conservatives
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Trump accuses Bank of America, JPM of not doing business with conservatives
Jan 23, 2025 11:12 AM

Jan 23 (Reuters) - U.S. President Donald Trump on

Thursday accused the CEOs of Bank of America ( BAC ) and

JPMorgan Chase ( JPM ) of not providing banking services to

conservatives.

Trump, who returned to the White House on Monday, made a

habit of accusing companies like Boeing and Ford of wrongdoing

during his first term while praising others that furthered his

political aims. In a campaign speech last year, Trump cited

right-wing complaints about the U.S. banking system.

Republican-led states have unleashed a policy push to punish

Wall Street for taking stances on gun control, climate change,

diversity and other social issues that have polarized the

country.

"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 ( BAC )," Trump said during an address at

the World Economic Forum in Davos, Switzerland, via a video

link.

"What you're doing is wrong," he said, without citing

evidence or specifics of any wrongdoing, in a

question-and-answer session with corporate leaders and CEOs

assembled on stage.

Bank of America ( BAC ) CEO Brian Moynihan did not address the claim

in comments right after Trump spoke, but complimented him on the

U.S. hosting the upcoming World Cup.

"We welcome conservatives and have no political litmus

test," a Bank of America ( BAC ) spokesperson said in an email.

JPMorgan ( JPM ), the biggest U.S. lender, also said it

has never and would never close an account for political

reasons.

"We follow the law and guidance from our regulators and

have long said there are problems with the current framework

Washington must address," it said.

"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," a JPMorgan ( JPM ) spokesperson said by email.

Big banks have said they face numerous regulatory

requirements that their clients comply with laws, and ambiguity

in those areas can lead to excessive caution.

Dimon said in an internal JPM podcast this week that

banking regulations should be clearer about what is allowed or

prohibited.

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