Banks, firms severing ties with Trump, Republicans

CHARLOTTE, N.C. — A growing number of Wall Street banks and businesses have cut ties with President Donald Trump’s campaign and financial arms, as well as the broader Republican Party, following last week’s riots and insurrection at the U.S. Capitol.

The financial technology company Stripe has stopped processing payments for the Trump campaign, according to a person familiar with the matter who requested anonymity because the decision hasn’t been made public.

The move will cut off Trump’s fundraising arm from what has been a steady stream of small-dollar donations that are often solicited through emails and text messages. Stripe’s decision was first reported by The Wall Street Journal.

In the days after the election, Trump’s campaign raised tens of millions of dollars promising to use the money toward fighting the results of the election. That money largely appears to have gone into Trump’s broader political action committee.

American Express and JPMorgan Chase have said they would no longer donate to candidates who supported last week’s insurrection or did not vote to confirm President-elect Joe Biden’s victory in the Electoral College.

Goldman Sachs is also holding back on political donations, a source at the firm familiar with the matter said who is not authorized to speak publicly on the matter.

And on Sunday, banking giant Citigroup confirmed that it is pausing all federal political donations for the first three months of the year.

Shopify, an e-commerce platform for merchants to sell goods, also shut down the Trump campaign’s merchandise website as well.