Wall Street banks speak out against Trump's travel ban
Goldman Sachs’ (GS) CEO Lloyd Blankfein left his employees the following voicemail message on Sunday evening in response to President Trump’s decision to sign an executive order on Friday that bans travel into the U.S. by citizens from seven predominantly Muslim countries.
In the message, Blankfein said that the executive order has the “potential for disruption to the firm.”
“This is Lloyd. The President has issued an executive order that, generally, bans individuals from seven different countries from entering the United States and freezes the broader refugee program. This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily.
“If the order were to become or remain effective, I recognize that there is potential for disruption to the firm, and especially to some of our people and their families. I want to assure all of you that we will work to minimize such disruption to the extent we can within the law and are focused on supporting our colleagues and their families who may be affected.
“Let me close by quoting from our business principles: ‘For us to be successful, our men and women must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is what we must be.’ Now is a fitting time to reflect on those words and the principles that underlie them.”
Trump’s decision to sign an executive order on Friday that temporarily bans individuals from seven Muslim-majority countries — Syria, Sudan, Yemen, Iran, Iraq, Libya, and Somalia — from entering the United States sparked protests at major airports nationwide over the weekend. The executive order also temporarily suspends refugees from entering the US. A number of CEOs, including Facebook’s Mark Zuckerberg, and Starbucks’ Howard Schultz, have spoken out against the travel ban.
Elsewhere on Wall Street, Morgan Stanley (MS) CEO James Gorman wrote that they value their employees from all over the world.
“We are closely monitoring developments around the new U.S. travel restrictions imposed this weekend. While no individual employees were impacted in their travel to date, we are concerned for those individuals and their families who could be impacted and will provide them support as needed,” Gorman wrote in global memo sent on Sunday afternoon.
He later added: “We value immensely the contribution of all our employees from all over the world. Continuing to draw on talent from across the globe is a key element of Morgan Stanley’s culture and ultimately to our success in serving our clients.”
Bank of America (BAC) CEO Brian Moynihan has a similar message for his employees.
“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,” Moynihan wrote.
He added: “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.”
JPMorgan’s (JPM) operating committee sent out the following message to the firm’s employees.
“In light of recent executive orders in the United States regarding immigration policy, we want every one of you to know of our unwavering commitment to the dedicated people working here at JPMorgan Chase. This includes a number of our outstanding employees— all of whom have adhered to our country’s immigration and employment processes— who have come to the United States to serve our company, clients and communities.
“Over the weekend, we have worked to reach out to all JPMorgan Chase employees on sponsored visas who are potentially impacted by the recent orders. We understand the situation is evolving quickly, so if you have any concerns about your own situation and have not been contacted, please reach out to your local immigration specialist or HR team.
“With more than 140,000 employees in the United States alone, we are grateful for the hard work and sacrifices made to keep our country safe. At the same time, we understand that our country, economy and wellbeing are strengthened by the rich diversity of the world around us, where we are dedicated to serving customers and communities in more than 100 countries every day.”
Last week, Trump put out additional orders aimed to crack down on illegal immigration, including a measure expanding the authority of local law enforcement officers to enforce immigration laws, among other policies. Trump also announced that it was his administration’s policy to immediately begin construction of a wall along the US-Mexican border.
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Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
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