Politics
WATCH: Trump Skewers Bank Of America CEO During WEF Address, Makes Him Squirm
During a high-profile appearance at the World Economic Forum in Davos, Switzerland, President Donald Trump took aim at Bank of America CEO Brian Moynihan, accusing the financial giant of discriminating against conservatives. The event, which brought together global business leaders to discuss pressing economic issues, took an unexpected turn when Trump shifted his focus to the “de-banking” of conservative customers.
Trump, never one to shy away from controversy, addressed Moynihan directly, stating, “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,” Trump continued. “And I don’t know if the regulators mandated that because of Biden or what, but you and Jamie [Dimon] and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump said directly. The former president’s comments came amid discussions on economic growth, tariffs, and energy policy.
During the Q&A session, Moynihan attempted to steer the conversation towards a lighter note, responding with a cordial remark about their mutual acquaintance, Gianni, and Bank of America’s sponsorship of the upcoming World Cup. However, Trump’s critique made it clear that he wasn’t interested in pleasantries.
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Trump’s remarks are the latest in his ongoing campaign against corporate bias against conservative individuals and businesses. Over the past several years, conservative voices have expressed their increasing concern over financial institutions allegedly denying them services based on their political beliefs. Trump’s direct confrontation of Moynihan at such a high-profile event only adds to the growing debate over corporate influence and political discrimination.
Following FleetBoston’s merger with Bank of America, Moynihan held several leadership roles, including heading Merrill Lynch after its acquisition in 2008. In addition to his banking career, Moynihan was elected as the Chancellor of Brown University in 2024.
In April 2024, however, a group of 15 Republican state attorneys general, led by Kansas Attorney General Kris Kobach, sent a letter to Bank of America raising concerns about the bank’s alleged practice of “debanking” groups based on their religious or political beliefs. The letter pointed out instances where Bank of America reportedly closed accounts of Christian ministries, including Timothy Two Project International and Indigenous Advance Ministries, citing the reason that they were “operating a business type we have chosen not to service.”
The attorneys general warned that such actions could threaten principles of free speech and religious liberty, potentially leading to legal and regulatory consequences. They requested that Bank of America provide a detailed report on its policies for closing accounts, especially those concerning terms like “risk tolerance” and “reputational risk,” and to clarify whether a customer’s speech or religious activities influence these policies. They also suggested that the bank revise its terms of service to clearly state it does not discriminate based on religious or political views.
In response, Bank of America denied these allegations. A spokesperson stated, “Religious beliefs are not a factor in any account-closing decision,” and pointed out that the bank serves non-profit organizations from various faith backgrounds throughout the United States.
