Trump takes aim at Bank of America and JP Morgan at Davos

President Donald Trump made headlines during a virtual address at the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, January 23. Speaking to a global audience, Trump accused Wall Street giants Bank of America and JP Morgan of discriminating against conservatives and companies aligned with the political right.

During the question-and-answer session, where Bank of America CEO Brian T. Moynihan served as moderator, Trump shifted the focus from broader economic policy to what he called “wrongdoing” by major financial institutions.

“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. You, Jamie [Dimon], and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump said.

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Accusations of ‘de-banking’

Trump’s remarks follow longstanding criticism from Republican lawmakers and conservative groups who accuse financial institutions of “de-banking” gunmakers, fossil fuel companies, religious organizations, and individuals holding conservative views. Critics claim these practices create barriers for right-leaning businesses and individuals to access essential financial services.

Bank of America and JP Morgan respond

Bank of America issued a public statement on X (formerly Twitter), denying the allegations. The bank stated, “Bank of America serves more than 70 million clients, and we welcome conservatives. We would never close accounts for political reasons and don’t have a political litmus test.”

JP Morgan echoed a similar sentiment in an email to Business Insider. Their statement emphasized that they operate under strict legal and regulatory frameworks. “We have never and 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 Washington must address.”

Broader implications for Wall Street

Trump’s comments have intensified the ongoing debate about whether financial institutions hold undue influence over political and social issues. His remarks come amidst rising scrutiny of corporate practices by Republican officials, particularly around issues such as environmental, social, and governance (ESG) policies.

As major banks push back against these allegations, the controversy highlights the complex intersection of politics, business, and individual freedoms. Whether Trump’s remarks will lead to broader investigations or policy changes remains to be seen.