03:10 AM EDT, 06/25/2025 (MT Newswires) -- (Update to add Citigroup's ( C ) response in the fifth paragraph)

Major banks like JPMorgan ( JPM ) , Citigroup ( C ) , and Wells Fargo (WFC) are meeting with officials in Republican-led states to defend themselves against claims that they unfairly avoid doing business with gun makers and fossil fuel companies, the Wall Street Journal reported Tuesday, citing people familiar with the discussions.

The states, including Texas and Oklahoma, have accused banks of political bias and blacklisted some from state contracts, the report said.

Banks responded by clarifying that they choose business partners based on financial, legal, and reputational risks, rather than political considerations, the report added.

Some banks have also eased restrictions on working with industries such as coal, oil and gas, and companies that sell firearms to people under the age of 21, as fears grow that a future Trump administration will take federal action against them, the report said.

Wells Fargo ( WFC ) and Citigroup ( C ) declined to comment, while JPMorgan ( JPM ), Goldman Sachs ( GS ) , Morgan Stanley ( MS ) and Bank of America ( BAC ) did not immediately respond to MT Newswires' request for comment.

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