Eric Trump is calling for some banks to “go extinct" as CEOs scramble to appease the president's administration, according to a Wall Street Journal report.
The Trump family's beef with banks started in 2021 when Capital One closed several of its accounts. The Trumps claimed the closures were because of “disagreement with Trump’s politics.” Capital One has disputed that assertion.
The Journal reported, “Banks can shut down accounts without explanation for a number of reasons, which has long fueled allegations of discrimination.”
“I would love to see some of the big banks go extinct, because, honestly, they deserve it,” Eric Trump said at a May Las Vegas crypto conference.
The remarks were not lost on banks, who were already on edge about Trump possibly “turning the power of the federal government against banks, as he has with universities and big law firms.”
Multiple Wall Street Journal sources claim several banks including, but not limited to, JPMorgan Chase, Citigroup, and Capital One, have met with GOP state leaders to rectify any alleged issues.
A spokeswoman for JPMorgan said, “We believe understanding policymakers’ perspectives while sharing our own makes us a better bank.” Bank of America said it serves clients in the oil-and-gas industry, as well as those working in clean and renewable energy.
Citigroup declined to comment.
The Journal reported Citigroup has met with Texas Gov. Greg Abbott to end their stance on selling firearms to people under 21.
Additionally, Oklahoma’s State treasurer, Todd Russ, is meeting with JP Morgan Chase and Bank of America in an effort to end their practice of not doing business with oil-and-gas companies.
“I’m not asking them to be MAGA banks,” Russ told the Journal. “I want them to manage my portfolio and stay out of these political ideologies. I think they realize that’s a fair place to be.”
