On Thursday, President Donald Trump took aim at the leaders of America’s two largest banks, accusing them of refusing to serve conservatives—a claim both institutions have consistently denied. This rhetoric, familiar from Trump’s campaign speeches for the 2024 election, resonated once more during a virtual address to the World Economic Forum in Davos, Switzerland.
During a Q&A segment, Trump pointed his criticisms toward Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon. “I hope you start opening your bank to conservatives,” Trump urged. “Many conservatives complain that your banks are not allowing them to conduct business, especially at Bank of America.”
The former president continued, “You, Jamie, and everyone else; I hope you’ll reconsider because what you’re doing isn’t right.” Moynihan, present at the forum to engage with the president, didn’t immediately respond to the accusations.
Both banks have refuted allegations of political bias. A representative from Bank of America responded via email, stating, “We serve over 70 million clients and have no political litmus test. Conservatives are welcome.” Similarly, a JPMorgan spokeswoman emphasized in a statement, “We never have and never would close an account for political reasons. We adhere to the law and regulatory guidance, and we’ve long highlighted issues within the current framework that need addressing by Washington.”
Following the 2008 financial crisis, which was partly caused by poor lending practices, U.S. regulators intensified scrutiny on lenders, urging them to cut ties with clients in industries seen as higher risk for money laundering or fraud. This led to the abrupt closure of accounts for payday lenders, pawn shops, firearms dealers, and those associated with pornography.
Trump has previously singled out Bank of America, reiterating claims of discrimination against conservatives, as recent as October. The roots of these accusations trace back to allegations by state attorneys general from the previous year. In April, Kansas Attorney General Kris Kobach accused the bank of closing accounts for “multiple religious groups with mainstream views” over the past three years.
Bank of America replied to Kobach in May, clarifying that accounts are closed for reasons such as changes in the stated purpose of the account, anticipated activity levels, or verification failures for legally required documentation. One account Kobach mentioned was terminated because it involved debt collection services, which conflicted with the bank division managing the account, according to their response.
Bank of America underscored, “Religious beliefs or political views are never considered in any account decision. We offer banking services to over 120,000 faith-based clients across the U.S.”
Despite these denials, influential figures in Trump’s circle continue to claim discrimination based on religion or politics. In November, venture capitalist Marc Andreessen mentioned to Joe Rogan during a podcast that numerous startup founders have been “de-banked” recently. Andreessen has also advised Trump on technology matters.
Interestingly, after these events unfolded, Bank of America’s shares rose by over 1% on Thursday, with JPMorgan’s stock also on the increase. The banking sector is largely seen as benefitting from Trump’s election, largely due to expectations that he might roll back regulatory measures from the Biden era, potentially easing requirements for banks to hold additional capital, making annual stress tests less complex, and putting a stop to efforts to cap credit card and overdraft fees.
