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 the wider Republican Party, following last week’s riots and insurgency since US Chapter.
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 was not made public.
The move will disrupt Trump’s fundraising arm of what has been a steady stream of small-dollar donations that are often solicited through emails and text messages. The Stripe decision was first reported by The Wall Street Journal. In the days after the election, Trump’s campaign raised tens of millions of dollars, promising to use the money to fight the election results. This money seems to have largely gone into Trump’s larger political action committee.
American Express and JPMorgan Chase said they would no longer donate to candidates who backed 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, a family company source said with the issue not being allowed to speak publicly on the matter.
“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 align with our values,” Steve Express, CEO of American Express, said in an email to employees. .
Citigroup confirmed on Sunday that it is discontinuing all federal political donations in the first three months of the year.
In a note to employees on Friday, Citi’s head of global government affairs, Candi Wolff, said “we want you to be sure that we will not support candidates who do not respect the rule of law.”
Several technology companies have stopped at President Trump, the GOP and other forums that have been seen as avenues for violent extremism and insurrection. Twitter suspended Trump from his platform, as did Facebook last week. The social networking company Parler was banned from both the Apple App Store and the Google Play Store, and Amazon removed Parler from its Amazon web services platform.
Shopify, an e-commerce platform for merchants selling goods, has also shut down the Trump campaign merchandise site.