Politics

Goldman, JPMorgan, Citi, Morgan Stanley Pause Political Contributions

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Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. plan to pause all political contributions, joining a growing list of companies changing or reviewing their donation policies in the aftermath of riots at the Capitol in the past week.

Goldman is still formulating its measures that will probably curtail future political giving to the elected leaders who fought to overturn the 2020 result.

A representative for the firm confirmed the plan. JPMorgan, the largest U.S. bank by assets, said it’s planning a six-month suspension to both Republicans and Democrats. Citigroup said it intends to temporarily stop all political contributions in the current quarter.

“We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, Citi’s head of global government affairs, said in a memo to employees.

The action from the banks followed an earlier announcement from Marriott International Inc., which said it will suspend donations to Republican senators who voted against certifying President-elect Joe Biden, after considering the “destructive events” on Wednesday.

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