By Ken Swett, AP Business writer
CHARLOTTE, NC (AP) – A growing number of Wall Street banks and businesses have cut ties with President Donald Trump’s campaign and financial weapons, as well as the broader Republican Party following last week’s riots and rebellion in the US Capitol.
Financial technology company Stripe has withheld payments for the Trump campaign, according to a person familiar with the matter who requested anonymity because the decision has not been made public.
The move would cut Trump’s fundraising hands, a steady stream of small-dollar donations that are often resolved through emails and text messages. The strip’s decision was first reported by The Wall Street Journal. In the days following the election, Trump’s campaign raised millions of dollars, promising to use the money towards fighting the results of the election. That money appears to have gone largely to Trump’s Comprehensive Political Action Committee.
American Express and JPMorgan Chase have said they will no longer donate to candidates who supported last week’s insurance or did not vote to confirm President-Elect Joe Biden’s victory at Electoral College. Goldman Sachs is also reverting to political donations, a source at the firm familiar with the matter said, who is not authorized to speak publicly on the case.
In an email to employees, American Express CEO Steve Squeary said, “Attempts to avoid presidential election results in the last few elections and disrupt peaceful change of power did not align with our (values).”
Citigroup confirmed on Sunday that it was withholding all federal political donations for the first three months of the year.
In a memorandum of staff on Friday, City government chief Candy Wolfe said, “We want you to be assured that we will not support candidates who do not respect the rule of law.”
Many technology companies have clashed on President Trump, the GOP, and other forums, which were considered avenues for violent extremism and rebellion. Twitter suspended Trump from his platform, as did Facebook last week. The social media company Parler was banned from Apple’s App Store as well as Google’s Play Store, and Amazon cut Parler from its Amazon Web site platform.
Shopify, an e-commerce platform for merchants to sell goods, closed the Trump campaign’s merchandise website as well.
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