JPMorgan Ends Financing of Private Prisons After Criticism
- Bank has been targeted by Alexandria Ocasio-Cortez, activists
- ‘Divestment efforts are politically motivated,’ Geo Group says
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The biggest U.S. bank says it will break off its relationship with the private-prison industry after deciding it’s too risky.
“JPMorgan Chase has a robust and well-established process to evaluate the sectors that we serve,” spokesman Andrew Gray said in an emailed statement. “As part of this process, we will no longer bank the private-prison industry.”