JPMorgan is stopping financing of private prisons and detention centers

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A company spokesperson stated that the decision is a result of the bank’s ongoing evaluations of the costs and benefits of serving different industries. This decision follows a statement from Wells Fargo last year that WFC had begun limiting credit exposure to the private prison industry and had ceased actively marketing to that sector.

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US banks in 2018, including Bank of America and Wells Fargo, raised approximately 1.8 billion in debt for 3 deals for GEO Group and CoreCivic; 2 major private prison operators.

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