Citizens Financial Group cut lending ties with private prison operators CoreCivic and GEO after fierce public pressure campaign amid ICE detention protests.

Citizens Financial Group has decided to end its lending relationships with CoreCivic and The GEO Group, two private prison operators, following a sustained public pressure campaign. The bank stated that the decision was based on changing financial needs of the companies, not political pressure, despite skepticism from activists.¹²³⁷

The De-ICE Citizens Bank Coalition hailed the announcement as a significant victory, emphasizing that public conscience and community resistance played a crucial role in influencing the bank's decision. The coalition, which has been vocal against the bank's ties to the private prison industry, expressed a desire for written assurance that all banking relationships with the two companies would be terminated.⁴⁵⁶

Citizens has faced mounting pressure from various city councils, including Montclair and Jersey City, which threatened to withdraw funds if the bank did not sever ties. Activists reported that individuals and organizations have pledged to withdraw over $350 million due to the bank's connections with private prisons.⁹

Prominent local critics, such as the Greater Boston Interfaith Organization, committed to withdrawing a combined $20 million in deposits. Ray Hammond, a leader within the organization, expressed cautious optimism about the bank's decision, suggesting that reputational concerns likely influenced the outcome.

Despite the bank's insistence that the decision was purely business-driven, the coalition remains skeptical, asserting that public pressure has indeed made a difference. Citizens, one of the largest banks in the U.S. with around $186 billion in deposits, has previously refrained from commenting on its client relationships, citing client privacy.