Sunday, April 14, 2024

Goldman Sachs, Citigroup and JP Morgan Suspend Political Donations | News from banks

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Several American companies are reviewing their donation policies following the riots on Capitol Hill last week.

Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. plan to suspend all political contributions, joining a growing list of companies changing or revising their donation policies following the riots on Capitol Hill last week .

Goldman is still formulating his measures that will likely curtail future political donations to elected leaders who fought to reverse the 2020 result. A company official confirmed the plan. JPMorgan, the largest US bank in terms of assets, said it plans a six-month suspension for Republicans and Democrats. Citigroup has said it intends to temporarily halt all political contributions during the current quarter.

“We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, Citi’s head of global government affairs, said in a note to employees.

The banks’ action follows an earlier announcement by Marriott International Inc., which said it would suspend donations to Republican senators who voted against President-elect Joe Biden’s certification, after considering “destructive events” on Wednesday .

The hospitality giant was among the first corporate donors to announce the severing of financial ties with lawmakers following the Capitol Hill riot by supporters of President Donald Trump. While a large section of American businesses quickly condemned the violence, few companies have publicly promised to cut financial support for elected officials who back Trump’s baseless allegations of voter fraud.

“We have taken into account the destructive events on Capitol Hill to undermine a legitimate and fair election and we will suspend political donations from our Political Action Committee to those who voted against the certification of the election,” a spokesperson said. word of Marriott.

Backlash against politicians

Marriott’s decision was first reported by Popular Information, a political newsletter that asked 144 corporate donors about their future plans to donate to the eight GOP senators who opposed voter certification.

Last week’s event sparked a backlash against politicians, including Missouri Senator Josh Hawley, who backed the fraud allegations and was seen waving to protesters with a pomp before storming Capitol. Wolff of Citi said the bank donated $ 1,000 to his 2019 campaign, adding that he represented a state where employee presence was significant.

Peter Scher, head of corporate responsibility at JPMorgan, said business, political and civic leaders should now focus on governance and helping those who need it. “There will be plenty of time to campaign later,” Scher said in a statement Sunday. His comment echoes those of CEO Jamie Dimon, who joined other executives at Wall Street’s biggest companies in calling for an end to violence on Capitol Hill last week.

Marriott is closely linked to Utah Senator Mitt Romney, a former board member and outspoken critic of Trump. Romney’s connection to Marriott predates his service on the board: his first name, Willard, was in honor of J. Willard Marriott, a friend of the father of the 2012 Republican presidential candidate and founder of the company hotelier.

The Blue Cross Blue Shield Association, a network of insurers, and Commerce Bank owner Commerce Bancshares Inc., also told Popular Information they were suspending all support for lawmakers who challenged the electoral college’s results.

Having failed to promise to suspend donations, Bank of America Corp., Ford Motor Co. and AT&T Inc. said they would take recent events into consideration before any future donations. CVS Health Corp., Exxon Mobil Corp., Wells Fargo & Co. and some other donors have said they are reviewing their policies on political donations.


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