Banks bow to pressure to stop profiting from Trump's immigration policy, but Big Tech remains defian
Source: Washington Post
Banks bow to pressure to stop profiting from Trump’s immigration policy, but Big Tech remains defiant
By Tracy Jan March 10 at 7:01 PM
President Trump’s “zero tolerance” immigration policies are forcing corporate America into a tricky calculus: embrace the business opportunities presented by the expanded immigration detention regime or heed the backlash from the public and even their own employees.
Last week, JPMorgan Chase, the nation’s largest bank, became the latest major corporation to distance itself from Trump’s immigration policies, concluding that its investments in private detention centers conflicted with its broader business strategy.
“We will no longer bank the private prison industry,” spokesman Andrew Gray said in a statement.
The announcement follows similar moves by Wells Fargo and U.S. Bank, which told The Washington Post they are in the process of divesting from the private detention sector.
Activists, who waged a two-year campaign against JPMorgan’s investments, hope that mounting public pressure will prod other financial giants, such as Bank of America, to follow suit. But they acknowledge that it’s much harder to persuade tech firms such as Amazon, Palantir and Microsoft to withdraw from lucrative federal contracts with agencies charged with mass surveillance and deportation.
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Read more: https://www.washingtonpost.com/business/economy/banks-bow-to-pressure-to-stop-profiting-from-trumps-immigration-policy-but-big-tech-remains-defiant/2019/03/10/87bec704-40ea-11e9-a0d3-1210e58a94cf_story.html
