President Donald Trump on Thursday accused the CEOs of the two largest American banks of refusing to serve conservatives, reviving a 2024 campaign talking point that the two companies deny.
Speaking via video to an assembly held at the World Economic Forum in Davos, Switzerland, Trump lashed out at Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon as part of a Q-and-A session.
“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,” Trump said.
“You and Jamie and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump said.
Moynihan, who was among a few executives selected to ask the president questions during the Q-and-A, did not immediately respond to the accusation.
Both banks deny refusing service to conservatives.
“We serve more than 70 million clients, we welcome conservatives and have no political litmus test,” a Bank of America official said in an email.
“We have never and would never close an account for political reasons, full stop,” a JPMorgan spokeswoman said in a statement. “We follow the law and guidance from our regulators and have long said there are problems with the current framework Washington must address.”
In the aftermath of the 2008 financial crisis, caused in part by shoddy lending standards at major banks, U.S. regulators increased pressure on lenders to purge clients in industries considered higher risk for money laundering or fraud. That meant that payday lenders, pawn shops, firearms dealers and those involved in pornography had their accounts revoked, often with little notice or explanation as to why.
As recently as October, Trump singled out Bank of America, repeating claims that it discriminates against conservatives.
The accusations may have roots in allegations from state attorneys general last year. In April, Kansas Attorney General Kris Kobach sent a letter to Moynihan, accusing the bank of canceling the accounts of “multiple religious groups with mainstream views in the last three years.”
In a May letter in response to Kobach, Bank of America said accounts are de-banked for reasons including a change of stated purpose, the expected level or type of activity on the account or failure to verify certain documents required by law.
One account highlighted by Kobach was de-banked because it engaged in debt collection services, according to the bank’s response.
“We would like to provide clarity around a very straightforward matter: Religious beliefs or political view-based beliefs are never a factor in any decisions related to our client’s accounts,” the bank said in that letter. “Bank of America provides banking services to non-profit organizations affiliated with faith-based communities throughout the United States. We have banking and investing relationships with approximately 120,000 faith-based clients.”
In a statement on Friday, Bank of America said it would engage with the Trump administration on the regulations that sometimes result in de-banking.
Influential people in Trump’s orbit have continued to claim that banks are discriminating based on religion or politics.
In November, Marc Andreessen, co-founder of the venture capital firm that bears his name, told podcaster Joe Rogan that dozens of startup founders had been de-banked in recent years. Andreessen has said he advises Trump on technology matters.
Bank of America shares were up more than 1% on Thursday, with JPMorgan shares higher as well.
The banking industry is seen as one of the biggest beneficiaries of the election of Trump, in large part because of expectations he would kill Biden-era regulatory efforts to force banks to hold tens of billions of dollars in additional capital against losses, make annual stress tests less opaque and drop efforts to cap credit card and overdraft limitations.
