A growing number of Wall Street banks and businesses have severed ties with President Donald Trump’s campaign and financial arms, as well as the Republican Party as a whole, in the wake of the riots and insurgency in last week at the United States Capitol.
Financial technology firm Stripe has stopped processing payments for the Trump campaign, according to a person familiar with the matter who requested anonymity because the decision was not made public.
The move would cut Trump’s fundraising arm off what has been a constant stream of small donations that are often solicited by email and text. Stripe’s decision was first reported by The Wall Street Journal.
American Express and JPMorgan Chase have said they will no longer donate to candidates who backed last week’s insurgency or did not vote to confirm President-elect Joe Biden’s victory in the Electoral College.
Citigroup confirmed on Sunday that it is suspending all federal political donations for the first three months of the year.
In a note to employees on Friday, Candi Wolff, head of Citi’s global government affairs, said: “We want you to be assured that we will not support candidates who do not respect the rule of law.
Several tech companies have cracked down on President Trump, the GOP and other forums that were seen as means of violent extremism and insurgency. Twitter suspended Trump from its platform, as did Facebook, last week. Social media company Parler has been banned from the Apple App Store as well as the Google Play Store, and Amazon has cut Parler from its Amazon Web Services platform.