Bank of America pushed back on criticism from President Donald Trump and insisted they “welcome conservatives.”
But a post on social media insisting there has been no discrimination against conservatives allowed for no replies following Trump calling out Bank of America CEO Brian Moynihan.
— Bank of America (@BankofAmerica) January 23, 2025
During a question and answer session at the World Economic Forum on Thursday, the president brought up complaints about the bank to Moynihan.
“You’ve done a fantastic job,” he said in the virtual call. “But 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… They don’t take conservative business.”
“And I don’t know if the regulators mandated that because of [President Joe] Biden or what,” he 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 did not even respond to Trump’s remarks. Instead, he commented about Bank of America sponsoring the FIFA World Cup when it comes to the U.S. in 2026.
NEW: Trump calls out Bank of America CEO Brian Moynihan to his face, says banks should stop debanking conservatives during a virtual appearance at the World Economic Forum.
Lmao. Amazing.
The panel was clearly uncomfortable after Trump made the comment.
“I hope you start… pic.twitter.com/PZgH6LuDVQ
— Collin Rugg (@CollinRugg) January 23, 2025
“We serve more than 70 million clients and we welcome conservatives,” a spokesperson for Bank of America told Fox Business. “We are required to follow extensive government rules and regulations that sometimes result in decisions to exit client relationships. We never close accounts for political reasons and don’t have a political litmus test.”
A spokesperson for JPMorgan said in a statement that they would “never close an account for political reasons, full stop. 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,” the spokesperson added.
Last year, Bank of America’s alleged “discriminatory behavior” was called out in a letter from 15 state attorneys general who said the lender was “responsible for some of the worst-known instances of debanking.”
The financial organization denied the allegations at the time.
Social media users reacted to Trump’s surprising remarks.
BAM!!!!
— Pro Se (@GoProSeNetwork) January 23, 2025
This is why people love him. Says the obvious thing, publicly, regardless of the awkwardness, and especially to people of power.
— Arthur MacWaters (@ArthurMacwaters) January 23, 2025
That was beautiful
— Daniel Holley (@DanWVFL) January 23, 2025
This is why we wanted Trump back. He just tells people, directly to their faces, in public, exactly what needs to be said.
This is what we have so desperately needed.
Calling them out in front of the entire world. pic.twitter.com/6QAm0Sgxox
— Phineas J. Spratt (@alongtheway) January 23, 2025
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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