Bank of America raises Boeing price target following aerospace giant's solid earnings print
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New York Post
an hour ago
- New York Post
JPMorgan and Bank of America ‘debanked' Trump under pressure from Biden admin: Sources
JPMorgan and Bank of America 'debanked' President Trump for his role in the January 6 Capitol Hill melee following pressure from the Biden administration's banking regulators and the Federal Reserve, people with direct knowledge of the matter tell The Post. The exact reason for Trump and his tens of millions of dollars in holdings being kicked off the JPMorgan banking platform, and then denied access to Bank of America's services has yet to be reported. But sources at the banks — the No. 1 and No. 2 largest in the US in terms of assets — confirmed the cause stemmed from the controversy surrounding Trump's actions that day, and threats from Biden's bank regulators that banking the former president's money put them at in danger of falling afoul of rule that prohibit financial institution from doing business with individuals and companies that present a 'reputational risk.' 3 JPMorgan and Bank of America 'debanked' President Trump after he left office after getting pressured by Biden administration banking regulators and the Federal Reserve, sources told The Post. Pool/ABACA/Shutterstock People at the banks tell The Post that Biden's banking cops at the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve often used the nebulous nature of the edict to go beyond debanking money launderers and drug kingpins. They were pressured to include people who have heterodox political and business ties that often included conservatives and anyone who participated in the January 6 protests. Trump, of course, survived it all and is now in his second presidential term. He is vowing to end debanking; his regulators have stopped enforcing the reputational risk clause and he plans an executive order in the matter. 'Think back to what it was like being Trump back in 2021; he was a hot potato after January 6 and the regulators made it clear to us that we shouldn't do business with him,' said one banking executive with direct knowledge of the matter. An executive at JPMorgan said regulators 'put the fear of God in you if you did business' with people like Trump. 3 Trump was debanked to his role in the January 6 riot at the Capitol buiilding. Stephen Yang That could mean increased surveillance and fines for various issues; banks found it easier simply to avoid taking as customers people that presented this risk, even if they were like Trump and looking to open accounts with tens of millions of dollars in assets. A Bank of America spokesman declined comment. JPMorgan said in a statement: 'We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.' A bank rep wouldn't deny that the reputation risk edict was at the heart of its debanking of Trump. Trump himself revealed that he was debanked Tuesday in an interview with the financial network CNBC. He said he was denied services at both institutions sometime after his first term ended in January 2021, just weeks after the storming of the Capitol building that political opponents of Trump have described as a riot and insurrection. 3 Trump called out Bank of America CEO Brian Moynihan for not allowing him to open accounts after leaving office. REUTERS First he said he was booted by JPMorgan. 'I had 100s of millions. I had many, many accounts loaded up with cash. I was loaded up with cash, and they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out.' I said, 'you've got to be kidding. I've been with you for 35, 40 years.' ' Then he was denied services by Bank Of America. During the interview, he named both JPMorgan CEO Jamie Dimon and Brian Moynihan of Bank of America, stating both refused to come to his defense. He said Moynihan, 'was kissing my ass when I was president, and when I called him after I was President to deposit a billion dollars plus and a lot of other things, more importantly to open accounts, which banks always like . . . And he said, we can't do it.' President Trump and his regulators have sought to end the practice and he's issuing an executive order imminently to end politically motivated debanking. Senator Tim Scott, a Republican senator from South Carolina, is pushing legislation that would outlaw the practices.
CNBC
an hour ago
- CNBC
Bank of America CEO responds to Trump's claim he was rejected as a customer
CNBC's Andrew Ross Sorkin sits down with Brian Moynihan, Bank of America CEO, to discuss his reaction to President Trump's comments on 'Squawk Box' alleging that BofA rejected him as a customer, whether BofA is concerned about retribution, and much more.
CNBC
an hour ago
- CNBC
CNBC Excerpt: Bank of America CEO Brian Moynihan Speaks with CNBC's Andrew Ross Sorkin on 'Power Lunch' Today
WHEN: Today, Tuesday, August 5, 2025 WHERE: CNBC's "Power Lunch" Following is an excerpt from the unofficial transcript of a CNBC interview with Bank of America CEO Brian Moynihan on CNBC's "Power Lunch" (M-F, 2PM-3PM ET) today, Tuesday, August 5. Following is video of All references must be sourced to CNBC. MOYNIHAN ON PRESIDENT TRUMP'S COMMENTS DURING "SQUAWK BOX" INTERVIEW ANDREW ROSS SORKIN: Good morning to you. I should say really good afternoon. Joining me right here in Aspen is Bank of America CEO, Brian Moynihan and I originally planned to talk to you about the economy. I still do, but I have something that was not on my bingo card this morning because we talked to President Trump on "Squawk Box" about this executive order that he's planning around banks, who he thinks discriminated against conservatives. And your name came up, and so I just wanted to show you what he said and wanted to get your reaction to that. SOUND OF PRESIDENT TRUMP ON "SQUAWK BOX:" What happens is I call up Bank of America routinely because when I was president, this was after I got out by the way, I call up Bank of America routinely, and I speak to him, and I speak to a couple of people, and they have zero interest. Brian was kissing my ass when I was president, and when I called him after I was president to deposit a billion dollars plus and a lot of other things, more importantly, to open accounts, and he said, "We can't do it. No, we can't do it." SORKIN: You heard it? Were you watching TV when this was happening? BRIAN MOYNIHAN: So I got up early because we're on East Coast time I was I was working out, and I was watching your wonderful show, and he came on, and I'm telling you, I'm still trying to unsee some of the visuals that he created with his commentary. But look, the President's after the right thing, which is the laws, rules and regulations around our industry became used to cause things to happen. This was BSA, AML, whether it's KYC, whether it's reputational risk, and you heard Tim Scott quote about it. It is right to go look at these rules, because at the end of day, they are causing decisions to be made that can be looked at in retrospect differently. We should get these rules right. So our company, my colleagues' companies, the industry, has been working with the Treasury administration today in this administration, trying to figure out how to get these rules balanced so that we're not subject to this swing back and forth in this after the fact. Look, so the President's on the right issue. He asked me about it in Davos, we were there. He asked me, he talked about it this morning, and I welcome getting this fixed. At the end of day, we bank 70 million consumers, more small business than anybody else. 12 million small business more middle market companies than, we bank everybody. But the reality is, we want to make sure that the rules and regulations don't cause decisions to be made that then are looked at in the aftermath and dealt differently. SORKIN: Do you worry though at all about either your your firm or other banks a form of sort of retribution? I mean, one of the things we did see was in the context of, for example, the law firms. MOYNIHAN: So I look, at the other day, we'll get through this and get some rules written, and then we can follow them and let let's let it all play out. But I think that the President is on the right issue, which is, we got to stop the regulars behind the scenes of whip sawing back and forth and forcing our companies, and companies like ours to make decisions which Congress hasn't passed on or he hasn't passed on.
