Trump Says JPMorgan, Bank of America Won't Do Business With Conservatives

Core Viewpoints - Big US banks, including Bank of America and JPMorgan Chase, faced criticism from President Trump, who suggested they were not allowing conservatives to do business with them [1][2] - Both banks denied the allegations, stating they do not consider politics when closing accounts and follow extensive government regulations [3][5] - JPMorgan emphasized the need for a fresh approach from Washington to address financial crime and regulatory ambiguity [4] - Bank of America highlighted its commitment to serving over 70 million clients, including conservatives, and reiterated that it does not close accounts for political reasons [5] - Despite the controversy, shares of both banks rose more than 1% on the day, and the KBW Nasdaq Bank Index finished in positive territory [5] Bank of America - Bank of America denied having a "political litmus test" for clients and stated it never closes accounts for political reasons [1][5] - The bank emphasized its adherence to extensive government rules and regulations, which sometimes lead to decisions to exit client relationships [5] - Bank of America serves over 70 million clients and welcomes conservatives, according to its statement [5] JPMorgan Chase - JPMorgan Chase also denied closing accounts for political reasons and stressed its compliance with the law and regulatory guidance [4] - The bank called for a new approach from Washington to address financial crime and regulatory ambiguity, expressing a willingness to work with the new Administration and Congress [4] - CEO Jamie Dimon had previously discussed the topic on a company podcast earlier in the week [4] Market Reaction - Shares of both Bank of America and JPMorgan Chase rose more than 1% on the day [5] - The KBW Nasdaq Bank Index, which tracks major financial companies, finished the day in positive territory, though it was lower than levels seen in early afternoon trading [5]