Banks bow to pressure to stop profiting from Trump’s immigration policy, but Big Tech has yet to sever ties
By Tracy Jan Tracy Jan Reporter covering the intersection of race and the economy Email Bio Follow March 10 at 7:01 PM President Trump’s “zero tolerance” immigration policies are forcing corporate America into a tricky calculus: embrace the business opportunities presented by the expanded immigration detention regime or heed the backlash from the public and even their own employees.
“It will all boil down at the end of the day to whether or not the profit or potential profit is worth the risk, including public exposure,” said Charles Geisst, an economics and finance professor at Manhattan College. JPMorgan ultimately determined that the financial and reputational risks weren’t worth the investment.
Other banks are backing away from financing private prisons, where the number of immigrant detainees is increasing under the Trump administration. “Since then, we have steadily reduced our exposure and have no plans to add additional relationships from the private prison industry,” Ong said. CoreCivic and GEO Group said that their companies were unfairly targeted for political reasons and that neither manage detention centers housing children separated from their parents.
White House spokesman Hogan Gidley called the protests against businesses that work with Immigration and Customs Enforcement “sad” because the agency “protects American communities every day by arresting murderers, dangerous gang members, rapists and drug dealers.” “Because Trump is so extreme, it makes it much harder for these companies to say well, this is just part of our business,” Lerner said. “They are automatically tainted by everything Donald Trump does.”
During a New York City Council meeting in December about Amazon’s once-planned second headquarters in Queens, executives from the tech giant drew boos and pointed questioning for the company’s marketing of its facial recognition system to federal immigration officials.
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