Top Banker Excluded from Trump’s WEF Reception in Davos Amid Growing Rift
The recent World Economic Forum (WEF) in Davos saw a noticeable absence from its guest list. Brian Moynihan, CEO of Bank of America, was excluded from a reception honoring Donald Trump. This incident has drawn attention amid an ongoing rift between Moynihan and Trump’s administration.
Key Details of the Exclusion
This significant snub occurred on Wednesday night, according to the Financial Times. Moynihan, aged 66, was the only major Wall Street bank leader who did not receive an invitation. In contrast, other banking CEOs were present, including:
- Jamie Dimon, CEO of JPMorgan Chase, aged 69
- Jane Fraser, CEO of Citigroup, aged 58
- Charlie Scharf, CEO of Wells Fargo, aged 60
Background on the Omission
The exclusion of Moynihan marks the second instance where he has been sidelined from a gathering connected to Trump. Previously, he was not invited to a private dinner at the White House with key finance leaders in November. The ongoing tension revolves around the issue of “debanking,” a term used by Trump’s allies to describe the alleged denial of services by banks based on customers’ political beliefs.
Trump has publicly accused Moynihan of refusing to open an account for him following his departure from the White House in 2021. His criticism of Moynihan intensified with a public jab last August.
Corporate Executives’ Behavior at Davos
During the Davos conference, corporate leaders appear to be walking a tightrope. Reports suggest they are privately expressing concerns about Trump’s unconventional behavior while simultaneously seeking opportunities to align with him. Many executives aim to secure invitations to exclusive gatherings, despite their reservations.
Trump’s Address and Remarks
In his speech at Davos, Trump made headlines with his remarks, advocating for immediate negotiations over Greenland. He repeatedly referred to it mistakenly as “Iceland” and asserted that the U.S. does too much without sufficient returns. In a typical departure from diplomatic language, Trump emphasized that the U.S. should “own” Greenland for strategic defense purposes, while also reiterating his familiar criticisms of NATO and the previous election.
Looking Ahead
As tensions mount between Trump and key banking figures like Moynihan, the dynamics of corporate relations with the former president remain uncertain. Both the White House and Bank of America have chosen to withhold comments on this incident, leaving room for speculation about future interactions at high-stakes events.
