JPMorgan Chase & Co to stop financing private operators of prisons and detention centers, which have become targets of protests over Trump administration immigration policies.
The JP Morgan Chase and Co. headquarters in New York in 2012.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.NEW YORK - JPMorgan Chase & Co has decided to stop financing private operators of prisons and detention centers, which have become targets of protests over Trump administration immigration policies.
Wells Fargo said in January that it is reducing its relationship with the prison industry as part of its"environmental and social risk management" process. Moody's and S&P Global have speculative grade, or junk, credit ratings on CoreCivic and GEO Group partly because their revenues are at risk to changes in government policy and public scrutiny of companies profiting from detention.
CoreCivic changed its name from Corrections Corporation of America in October 2016. It said the rebranding was to highlight its strategy to transform its business"from largely corrections and detentions centers to a wider range of government services."
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