Research Brief: As Wall Street Banks Sever Ties, Private Prison Companies Stand to Lose Over $1.9B in Future Financing

This year, JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, and Fifth Third Bancorp publicly announced that they would no longer provide any new financing to the private prison industry. 

Together these six banks represent an estimated $1.93 billion, or 72% of the total current financing available to private prison companies, CoreCivic and GEO Group. 

These commitments are landmark victories for the movement to end Wall Street’s financing of the private prison industry. It is the result of years of coordinated action, including the hard work of the coalition of organizations working under the banners of #FamiliesBelongTogether and #BackersOfHate.