President Trump’s executive order temporarily banning entry to the U.S. from seven Muslim-majority nations will have a major effect on Wall Street, which has become increasingly global in terms of its client base and talent pool. But most banking leaders have played it safe in their response to the news.
So far, only Goldman Sachs and money manager BlackRock have spoken out in opposition to the order. Goldman CEO Lloyd Blankfein was direct: “This is not a policy we support,” he said in an organization-wide voicemail. BlackRock CEO Larry Fink was more measured, even as he questioned the legal basis for the ban: “We, of course, all want to promote security and combat terrorism, but we believe it needs to be done with respect for due process, individual rights and the principle of inclusion,” he and other senior leaders wrote in an employee memo.
In contrast, leaders at Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley, and Wells Fargo have yet to raise objections. Similarly, Blackstone Group CEO Steve Schwarzman declined to comment on the ban during a charity luncheon on Sunday, according to Bloomberg.