Bank Watch

Bank of America, Wells Fargo say they’re monitoring immigration ban

Bank of America and Wells Fargo on Monday said they’re monitoring developments related to President Donald Trump’s immigration order and working with affected employees.

“As a global company, we depend upon the diverse sources of talent that our teammates represent,” Bank of America CEO Brian Moynihan said in an internal memo sent to employees Monday afternoon. “In view of this, we are closely monitoring the recent refugee- and immigration-related executive order in the United States, and subsequent developments.”

Moynihan said the Charlotte bank is also connecting with affected employees.

Bank of America is “working to ensure we have the most accurate and timely information to best assist potentially impacted teammates,” he said. “We will share information and provide updates as the situation continues to develop.”

Bank of America is among the major banks addressing Trump’s temporary ban on refugees from several Muslim-majority countries. Citigroup CEO Mike Corbat said the company is concerned about the message the executive order sends, while Goldman Sachs CEO Lloyd Blankfein said the ban is not something Goldman supports and that it has the potential to disrupt the firm.

Executives at those and other banks say Trump’s order could unsettle their operations, break up families, and hurt the banks’ ability to do business outside the U.S.

In a memo to employees Monday, Wells Fargo said it is “currently reviewing the executive order and its implications to determine whether it has any direct effect on team members or our business.”

“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,” Chief Administrative Officer Hope Hardison said in a statement.

“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.”

The Associated Press contributed

Deon Roberts: 704-358-5248, @DeonERoberts