SunTrust Banks Inc will stop financing operators of private prisons and immigrat...
) raised roughly $1.8 billion in three deals for CoreCivic and GEO Group, according to Refinitiv data.
Earlier this year, Wells Fargo, JPMorgan Chase & Co and Bank of America made similar commitments to phase out relationships with private prison companies. “It’s unfortunate that misleading political activism has been allowed to impact a decade-long banking relationship,” said Geo Group spokesman Pablo Paez.“This decision is about caving to political pressure,” said Brandon Bissell, manager of public affairs at CoreCivic on Monday. “It sends a terrible message to others in the private sector.”
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