Nine Banks and Counting

In a win for investors, activists, and the immigrant community, which have collectively put pressure on banks to stop financing the private prison industry, several major banks have publicly committed to cut lending activity to private prisons!

Barclays Is Latest to Cut Finance Ties With Private Prisons

Boston Common, in a coalition led by the Interfaith Center on Corporate Responsibility (ICCR), is leading the dialogue with Barclays, one of the latest banks to end financing to the private prison industry. Barclays has publicly committed to let existing credit lines to private prison companies expire and will not enter into new lending agreements.

Commitments from Banks in the News

  • JPMorgan Chase, US Bancorp, SunTrust, Wells Fargo

Reuters: U.S. prisons lose Wall Street sell-side coverage

  • Bank of America

Washington Post: Bank of America cuts business ties with detention centers, private prisons

  • BNP Paribas

Yahoo Finance: BNP Paribas Plans to End Financing of Private Prisons

  • Fifth Third

Bloomberg Law: Fifth Third to Halt Future Financing to Private-Prison Firms

  • PNC

Forbes: PNC Bank Pulls Out of the Private Prison Industry

The information in this article should not be considered a recommendation to buy or sell any security.

Published On: August 19, 2019Categories: From the Commons