Private Prisons Now Face 87.4% Financing Gap as Banks Continue to Flee Industry – Eyes on the Ties

As of August 2019, eight banks – JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, Fifth Third Bancorp, Barclays, and PNC – have publicly committed to ending their future financing relationships with the private prison industry, including CoreCivic and GEO Group. Together these eight banks represent an estimated $2.35 billion – or 87.4% – of the credit lines and term loans that are central to these companies’ operations. 

Notably, all of the banks that provide credit and term loans to GEO Group have committed to end their future financing relationships with the industry. These commitments are the result of ongoing campaigns from #FamiliesBelongTogether and #BackersOfHate to end Wall Street’s financing and profiting off of the private prison industry. 

via Private Prisons Now Face 87.4% Financing Gap as Banks Continue to Flee Industry – Eyes on the Ties

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