CHARLOTTE, NC (AP) – A growing number of Wall Street banks and businesses have severed ties with President Donald Trump’s campaign and financial weapons, as well as with the Republican Party in general, following riots and insurgency. last week at the United States Capitol.
Financial technology company Stripe has stopped processing payments for the Trump campaign, according to a person familiar with the matter who requested anonymity because the decision has not been made public.
The measure will eliminate the fundraising arm of what has been a steady stream of small-dollar donations that are often solicited via emails and text messages. Stripe’s decision was first reported by the Wall Street Journal. In the days after the election, the Trump campaign raised tens of millions of dollars by promising to use the money to fight the election results. That money seems to have gone to Trump’s broader political action committee.
American Express and JPMorgan Chase have said they would no longer support candidates who supported last week’s uprising or did not vote to confirm President-elect Joe Biden’s victory in the Electoral College. Goldman Sachs also withholds political donations, said a company source familiar with the matter who is not allowed to speak publicly about it.
“Last week’s attempts by some members of Congress to subvert the results of the presidential election and disrupt the peaceful transition of power do not fit our (values),” said Steve Squeri, CEO of American Express , in an email to employees.
Citigroup confirmed Sunday that it is pausing all federal policy donations for the first three months of the year.
In a note to employees on Friday, Candi Wolff, Citi’s head of world government affairs, said “we want you to be assured that we will not support candidates who do not respect the rule of law.”
Several technology companies have curbed President Trump, the Republican Party and other forums that were seen as avenues of violent extremism and insurgency. Twitter suspended Trump from his platform, as did Facebook, last week. The social media company Parler was banned from Apple’s App Store, as well as Google’s Play Store, and Amazon cut Parler from its Amazon web services platform.
Shopify, an e-commerce platform for merchants to sell merchandise, also shut down the Trump campaign merchandise website.