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At this week’s Davos, President Trump’s sharp criticism of Bank of America CEO Brian Moynihan highlighted a worrying trend in corporate America. Trump called out banks for allegedly forcing conservatives to open their institutions to business, as major lenders are accused of “debanking” conservative and religious groups due to their politics. Many banks deny these claims, including JPMorgan Chase’s Patricia Wexler, who stated the bank has no political litmus test.
The president’s scathing remarks sent a clear warning: any slight—real or imagined—against his base won’t be tolerated. This shift reflects a broader Republican Party that now prioritizes ideology over free-market principles.
As part of his administration, Trump has reversed federal regulations on diversity and inclusion efforts (DEI), with some companies voluntarily ending their DEI programs despite pressure from conservative forces. For instance, Costco’s shareholders rejected a proposal to quantify the risks of its DEI initiatives, while Apple recently pulled back on similar measures.
Even established liberal institutions like JPMorgan Chase are cautiously stepping away from DEI initiatives amid growing backlash. Meanwhile, Bud Light and other companies have faced backlash for associating with progressive messaging that may be perceived as hostile toward their conservative roots.
This political shift marks a significant moment in corporate America— businesses must now grapple with balancing profit with the risk of alienating influential groups while navigating an administration increasingly focused on ideological orthodoxy.
Source: https://edition.cnn.com/2025/01/25/business/trump-corporate-executives-davos/index.html