Skip to content
Subscriber Only

Bank of America Will Stop Lending to Private-Prison Firms

  • Decision follows site visits, talks with civil rights leaders
  • JPMorgan, Wells Fargo previously said they would exit business
jail prison GETTY Sub
Photographer: Peter Macdiarmid/Getty Images
Updated on

Bank of America Corp., the second-biggest U.S. bank, will stop lending to companies that run private prisons and detention centers.

“We have decided to exit the relationship’’ with companies that provide prison and immigration-detention services, Vice Chairman Anne Finucane said Wednesday in an interview. “We’ve done our due diligence that we said we would do at the annual meeting, and this is the decision we’ve made.’’