Trump Targets Banks That Discriminate Against Conservatives

In the UK, the debanking of Nigel Farage, the Reform leader, by Coutts in the summer of 2023 led to a national scandal.

His accounts were closed down after the private bank, which serves the Royal family, decided his views “do not align with our values” and that he posed a “reputational risk”.

A dossier – which Mr Farage described as a “Stasi-style surveillance report” – later revealed the bank had cited his Brexit comments, his closeness with Mr Trump and his views on LGBT rights among many reasons he was not “compatible with Coutts”.

NatWest, which owns Coutts, paid Mr Farage an undisclosed sum in March this year to settle the long-running dispute.

US banks have been fearful about being the next target of the Trump administration, following his attacks on universities and big law firms.

‘Woke capitalism’

The criticism of Wall Street giants comes amid growing accusations from conservatives that financial institutions were engaging in “woke capitalism” and unfairly cutting ties with businesses perceived to be aligned with the political right.

Cryptocurrency companies have also said they were shut out of banking services under the Biden administration.

In March, the Trump Organisation, which serves as a holding company for most of Mr Trump’s business and investments, said it was “debanked” by Capital One, America’s ninth largest bank.

The conglomerate sued the bank, alleging it was guilty of “egregious conduct” by closing more than 300 of its accounts – which it called a “clear attack on free speech and free enterprise”.