The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Trump and Wall Street: A divorce of convenience

In publicly breaking with Trump, banks and corporates are set to make scrutiny of their choices more intense, not less. This is a good thing.


Corporate outrage rarely looks like the noblest of sentiments. There was certainly no shortage of it in the wake of January 6’s riot in the US Capitol by supporters of outgoing president Donald Trump.

Faced with the crossing of a line that few could ignore, financial institutions and corporate titans fell over themselves to present their pristine credentials.

Goldman Sachs, Citi, Morgan Stanley and JPMorgan announced plans to pause political donations, with the latter’s CEO Jamie Dimon stating on Wednesday that it was “taking a pause, a little bit of a deep breath, figuring out what we should change and how we should change it”.

Whether through bans on political funding, or pledges to stop doing business with Trump individually or his enterprises collectively – or moves by social media companies to silence his most prominent channels – many of the measures now being announced are, however, characterized by little more than their convenience.

The blanket nature of some moves also seems nonsensical. Suspending all political donations risks looking like the kind of ‘drain the swamp’ mentality that fed the Trump bandwagon.

Likewise, short-term suspensions of funding hardly look rooted in principle – raising the suspicion of a quiet resumption when no one is looking or a hedging of one’s bets.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree