A growing number of banks and businesses on Wall Street have cut ties to President Donald Trump’s campaign and financial weapons, as well as the wider Republican Party, in the wake of last week’s riots and mutiny in the United States Capitol Building.
Fintech firm Stripe has stopped processing Trump campaign payments, according to a person familiar with the matter who requested anonymity because the decision has not been made public.
The move would cut Trump’s fundraising arm from what has been a steady stream of small dollar donations often collected through emails and text messages. The Wall Street Journal first published Stripe’s decision.
American Express and GBMorgan Chase said they will no longer donate to candidates who supported the insurgency last week or did not vote to confirm President-elect Joe Biden’s victory in the Electoral College.
Citigroup confirmed on Sunday that it has temporarily stopped all federal political donations for the first three months of the year.
In a memo to staff on Friday, City’s Chief of Global Government Affairs, Candy Wolf, said, “We want you to rest assured that we will not support candidates who do not respect the rule of law.”
Several tech companies have cracked down on President Trump, the Republican Party, and other forums that were seen as pathways for violent extremism and insurgency. Twitter suspended Trump from its platform, as Facebook did, last week. Social media company Parler has been banned from the Apple App Store as well as Google Play Store, and Amazon has cut Parler from its Amazon Web Services platform.