Partner News
JPMorgan announces it will stop financing the private prison industry
2019-03-05
(CC BY-NC 2.0). Photo: Joe Brusky
2019-03-05
JPMorgan has announced it will no longer invest in GEO-Group and CoreCivic, the two largest private-prison companies, and that it will stop financing the private prison industry as a whole. The industry became a target of protest over Turmp administration immigration policies, including the separation of families. One third of all immigrant detention centres in the US are privately owned. A large coalition of groups coming together under the name of the #FamiliesBelongTogether Corporate Accountability Committee called on banks including JPMorgan and Wells Fargo to divest from the companies, and investor members of the Interfaith Center on Corporate Responsibility (ICCR) also lobbied the bank on its links to the industry.