New administration and financial industry spat: Trump accuses big banks of discriminating against conservatives

US President Donald Trump lashed out at Bank of America and jpmorgan Chase via a video conference at the Davos Forum on January 24, 2025, accusing the two big banks of discriminating against conservative customers and refusing to serve them. The accusation quickly generated widespread attention and discussion, once again pushing the relationship between banking and political positions to the forefront.

In his speech, Trump stressed that the banking industry should be open to conservatives and should not refuse to serve customers because of their political views. He singled out Brian Moynihan, the chief executive of Bank of America, and Jamie Dimon, the chief executive of jpmorgan Chase, as the ones who should correct the wrongdoing. Trump's stance resonates with some conservatives who have long complained of discrimination by big Wall Street banks.

However, the named banks were quick to respond, denying Trump's allegations. Bank of America, which serves more than 70 million customers and has always welcomed conservative customers, has never had any political litmus tests, the bank said. Jpmorgan also issued a statement saying that it has never and will not close client accounts for political reasons, and stressed that it has always complied with the law and the guidance of regulators. Jpmorgan also noted that the U.S. government needs to address the current regulatory architecture and said it looks forward to working with the new administration and Congress to remove regulatory ambiguity.

The controversy is not new. Back in October 2024, Trump singled out Bank of America for discriminating against conservative customers. The origin of the controversy may be related to the fact that after the 2008 financial crisis, U.S. regulators required banks to weed out customers who were at risk of money laundering or fraud. Last April, the Kansas attorney general sent a letter to BofA's Moynihan saying the bank had canceled accounts of several mainstream religious groups over the past three years. In its response, Bank of America explained that the account was closed for reasons including a change in the purpose of the account, a discrepancy in the expected level or type of account activity, or an account that failed to meet certain requirements required by law.

Although Bank of America has repeatedly stressed that it does not manage customer accounts based on religious beliefs or political views, influential figures within Trump's circle have accused the bank. Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, said dozens of startup founders have lost their bank accounts in recent years. In addition, a separate report pointed out that big Wall Street firms such as Goldman Sachs, Wells Fargo and Bank of America allegedly used their control of capital to undermine gun manufacturers, retailers and organizations representing legal gun owners.

Trump's allegations have certainly fueled public questions about whether big banks are engaging in political discrimination. While the banks strongly deny it, the controversy highlights the underlying tension in American society between political positions and financial services. For the banking industry, how to comply with laws and regulations while remaining politically neutral and avoid affecting services due to customers' political views is a question worth pondering. For the regulators, how to further improve the regulatory mechanism, eliminate regulatory ambiguity, and ensure the fairness and justice of the banking industry is also an important task at present. In this dispute over bank discrimination against conservatives, all parties need to remain calm, seek solutions through dialogue and cooperation, and jointly maintain an open, fair and inclusive financial environment.