Bank CEOs Confront Trump Over 'De-Banking' Allegations

During a virtual meeting at the World Economic Forum in Davos, Switzerland, President Donald Trump challenged the CEOs of Bank of America (BAC) and JPMorgan Chase (JPM) regarding claims that banks are "de-banking" customers based on their personal beliefs.

Trump's Concerns

Trump expressed concerns that conservative customers are being denied access to banking services, specifically mentioning Bank of America. He called on BAC CEO Brian Moynihan and JPM CEO Jamie Dimon to "open their banks to conservatives."

Regulator Involvement

Trump hinted that regulators may have influenced banks' actions, stating that he was unsure if the Biden administration had mandated such practices. He urged banking executives to cooperate with the new GOP-controlled Congress in investigating these allegations.

Industry Perspective

JPM's Dimon denied that his bank de-banks customers for political reasons, emphasizing that they follow anti-money laundering and terrorist financing regulations. However, he acknowledged the need for clearer regulations in this area.

Bank of America also denied the allegations, stating that they serve a diverse customer base and do not discriminate based on religious or political beliefs.

Crypto Industry Involvement

The crypto community has embraced the de-banking issue, viewing it as a priority for Washington's attention. After Trump's election victory, Silicon Valley's Marc Andreessen claimed that the government pressured banks to close crypto-related accounts.

Republican Support

Several Republican Attorney Generals have supported Trump's concerns. In April 2025, they sent a letter to Moynihan alleging that Bank of America was limiting access based on political views.

Conclusion

The issue of de-banking remains a concern for political and industry leaders. As the GOP takes control of the U.S. government, further scrutiny and potential investigations are expected in the coming months. Banks maintain that they adhere to regulations and deny political discrimination, while the crypto world and Republican officials continue to raise concerns about potential bias towards conservative customers.