JPMorgan to stop financing private prison industry

JPMorgan Chase & Co has decided to stop financing private operators of prisons and detention centres, 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. 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 spokesman Steven Owen called JPMorgan’s decision “disappointing.” He said in an e-mail that “decisions like this are being based on false information spread by politically motivated special interests, who completely mischaracterize our company.” 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 centres to a wider range of government services.”

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