JPMorgan is stopping financing of private prisons and detention centers

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.

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.

www.reuters.com/article/us-jp-morgan-prisons/jpmorgan-backs-away-from-private-prison-finance-idUSKCN1QM1LE

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