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Sign for a private banking branch of Chase Bank on the Upper East Side of Manhattan, New York City, New York, September 14, 2017. (Photo by Smith Collection/Gado/Getty Images) Getty Images It turns out Republicans buy beer, which is something basketball and brand great Michael Jordan could have told the executives at AB InBev ahead of any influencer agreement with Dylan Mulvaney. In a politically divided country, it’s best to keep business out of politics. Banks arguably know this more intimately than any other business sector. Precisely because they’re asking individuals to entrust their savings to them, politics and talk of same is the path to losing some of the most hard-won business of all. It’s important to think about in consideration of President Trump’s assertion on CNBC that “The banks discriminated against me very badly.” Trump was talking about J.P. Morgan Chase and Bank of America, but to focus on specific banks is to miss the point. And that’s not because Chase has banking relationships with Trump and family going back decades, Trump campaign accounts, and looking ahead, the eventual Trump presidential library. The crucial truth is that banks are in the business of carefully matching the wealth of savers with credible individuals, businesses and governments in need of savings. Which means they’re not in the business of turning their noses up to half of the U.S. population of savers, or closing the accounts of savers with wealth to put to work. Some call account refusal or closure “debanking,” which realistically wasn’t even a word until 2023-2024. With good reason. Banks exist to open accounts, not close them. Which requires a pivot. To focus on banks allegedly turning away business for political reasons, or closing accounts similarly for reasons of politics, is for pundits, politicians and even presidents to…

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Filed under: News - @ August 5, 2025 9:30 pm