Private prisons will no longer receive funding from JPMorgan Chase & Co. JPMorgan is one of many banks that loan big bucks to private prison operators like CoreCivic Inc and Geo Group Inc.
“We will no longer bank the private prison industry,” a JPMorgan spokesman told Reuters.
More than $1.8 billion was loaned out by Bank of America Corp and Wells Fargo & Co over three deals to CoreCivic Inc and Geo Group Inc, NBC News reports.
In 2018 Wells Fargo said it would be reducing its involvement with the prison industry – part of a social risk management process.
“Our credit exposure to private prison companies has significantly decreased and is expected to continue to decline, and we are not actively marketing to that sector,” Wells Fargo said in a report.
For JPMorgan, CEO Jamie Dimon makes the change after activist protests at the bank’s last two annual meetings discussing prison finance. In February, protestors brought a mariachi band to the CEO’s apartment begging him to “break up with prisons.”
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