SunTrust to stop financing private U.S. prison operators

SunTrust is one of several banks that have underwritten bonds or syndicated loans for at least one of the major private U.S. prison operators, CoreCivic Inc and GEO Group Inc. Banks have been under pressure to cut ties with the private prison industry since U.S. President Donald Trump’s restrictions on immigration raised concerns about detention center conditions. Earlier this year, Wells Fargo, JPMorgan Chase & Co and Bank of America made similar commitments to phase out relationships with private prison companies. “This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based company said in a statement.

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