Bank of America Merrill Lynch CEO Brian Moynihan and Wells Fargo’s Chief Administrative Officer, Hope Hardison, on Monday joined their Wall Street peers in responding to President Donald Trump’s immigration ban.
Trump on Friday signed an executive order barring people from seven majority-Muslim countries — Iraq, Iran, Libya, Somalia, Sudan, Syria, and Yemen — from entering the US. The order originally included US green-card holders, but the White House later exempted them from the ban.
“As a global company, we depend upon the diverse sources of talent that our teammates represent,” Moynihan wrote. He said his firm is reviewing the executive order.
Here’s Moynihan’s message:
“As a global company, we depend upon the diverse sources of talent that our teammates represent. In view of this, we are closely monitoring the recent refugee- and immigration-related executive order in the United States, and subsequent developments.
“We are connecting with teammates who may be affected, in response to questions. We also are working to ensure we have the most accurate and timely information to best assist potentially impacted teammates. We will share information and provide updates as the situation continues to develop.”
Some of Moynihan’s counterparts at other Wall Street banks voiced more strongly-worded concerns about the ban. Citigroup CEO Michael Corbat, for example, said, “We are concerned about the message the executive order sends.”
“We encourage the leaders of the United States to find the right balance between protecting the country and its longstanding role as an open and welcoming society,” Corbat continued.
Goldman Sachs CEO Lloyd Blankfein said: “We encourage the leaders of the United States to find the right balance between protecting the country and its longstanding role as an open and welcoming society.”
Here is the memo from Wells Fargo’s Hardison:
“While we are still assessing what this change means for Wells Fargo, we know that it may have deeply personal implications for team members who may have friends or family affected by it.
“As always, Wells Fargo is committed to fostering a culture of diversity and inclusion where our team members are encouraged to value and respect others for their differences. These values will continue to be of great importance as we support team members who have been affected by this executive order.”
Numerous business leaders from the corporate and tech worlds also spoke out against the immigration ban over the weekend, including Facebook’s Mark Zuckerberg, Alphabet’s Sergey Brin, and Apple’s Tim Cook.