Bank of America to stop financing operators of private prisons, detention centers

Bank of America | June 27, 2019

Bank of America Corp. said on Wednesday it will no longer finance operators of private prisons and detention centers, joining peers in distancing itself from a sector that has triggered protests over the Trump administration's immigration policies. The bank gave no further comment. JPMorgan Chase & Co. and Wells Fargo & Co. made similar commitments to stop financing private prison companies earlier this year. Activism against the financing of private prisons has increased amid tightening immigration policies under President Donald Trump and concerns about detention conditions. Private detention centers account for about two-thirds of people held by U.S. Immigration and Customs Enforcement, S&P Global Ratings estimated last year.

Spotlight

Dave Bowen, Portfolio Manager of the Muzinich ShortDurationHighYield Fund, will provide an update on fund positioning, performance, attribution and a future outlook.

Spotlight

Dave Bowen, Portfolio Manager of the Muzinich ShortDurationHighYield Fund, will provide an update on fund positioning, performance, attribution and a future outlook.

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