President Donald Trump criticized major U.S. banks during his virtual address at the World Economic Forum in Davos, Switzerland on January 23, 2025, accusing Bank of America and JPMorgan Chase of systematically denying services to conservatives and religious groups.
“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,” Trump said during his remarks to global business leaders and policymakers.
Bank of America CEO Brian Moynihan, who was present at the forum, responded with an uncomfortable laugh and redirected the conversation to the bank’s 2026 FIFA World Cup sponsorship. Trump pressed further, urging Moynihan to “open your banks to conservatives” because “what you’re doing is wrong.”
Bank of America has faced multiple allegations of discriminating against conservatives in recent years, with attorney generals from 15 states calling out the bank’s ‘discriminatory behavior’ targeting customers for their religious and political beliefs.
Both banks vehemently denied the accusations. A Bank of America spokesperson stated that the bank serves over 70 million clients and welcomes conservatives but must follow government rules and regulations that sometimes result in decisions to exit client relationships. The spokesperson emphasized that the bank does not have a political litmus test and never closes accounts for political reasons.
JPMorgan Chase similarly rejected Trump’s claims, with a spokesperson stating they follow the law and guidance from regulators and “would never close an account for political reasons.” The bank expressed interest in working with the new administration to address regulatory ambiguity, particularly regarding anti-money laundering and reputational risk regulations.
Some banking industry representatives acknowledged Trump’s concerns about de-banking occurring due to regulatory pressures. Banking executives were willing to work with the administration to reform anti-money laundering and risk assessment protocols that sometimes lead to account closures.
During his address, Trump outlined broader economic initiatives, including plans to lower the corporate tax rate to 15% for companies manufacturing in the United States. He criticized the European Union’s stricter regulations and urged them to “speed up their process” to allow European companies to better compete globally.
Trump’s remarks addressed additional economic challenges, focusing on his administration’s plans to combat inflation through deregulation and tax cuts. He emphasized policies to boost domestic energy production and promote AI development while defending his administration’s stance on protectionist trade measures.
The banking sector showed resilience despite the public criticism, with Bank of America and JPMorgan Chase shares rising more than 1% on the day, even as the KBW Nasdaq Bank Index traded lower than earlier in the session.