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.
"Our credit exposure to private prison companies has significantly decreased and is expected to continue to decline, and we are not actively marketing to that sector," Wells Fargo said in its"Business Standards Report" for 2018. After the Obama administration in August 2016 directed the Bureau of Prisons to phase out federal use of private prisons, shares of both companies plunged more than 40 percent. One month after Donald Trump became president, the order was rescinded and the stocks rebounded.
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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