JPMorgan Chase, Goldman Sachs and Citigroup said they holding off on political donations because followers of President Donald Trump laid siege on the U.S. Capitol last week.
JPMorgan and Goldman said they were pausing political action committee contributions for Republicans and Democrats for the next six months. Citigroup said it is pausing for the first quarter.
Of the six biggest U.S. banks, only Morgan Stanley made it clear it will not make donations to members of Congress who opposed the Electoral College certification of Biden. The firm will continue contributions to other lawmakers, according to a person with knowledge of the situation.
Credit card issuer American Express also said its PAC will no longer support candidates who tried to “subvert the presidential election results and disrupt the peaceful transition of power.” In the past, the company said, its PAC had contributed to 22 of the 139 House members who objected to the election results, and none of the senators.
Spurred by Wednesday’s riot, which resulted in at least five deaths, corporations including Marriott International and Blue Cross Blue Shield have said they would stop giving money to Republican lawmakers who backed efforts to disrupt the certification of President-elect Joe Biden’s victory.
But most banks, rather than targeting and potentially alienating members of the Republican Party, have instead decided to halt donations to all lawmakers for now.