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The White House ousted Bank of America Chief Executive Brian Moynihan from a Davos reception that included leaders of other major financial institutions, signaling a rift between Donald Trump and the head of America’s second-largest lender.
Moynihan was the only chief executive of a major Wall Street bank who was not invited to Trump’s honor ceremony at the World Economic Forum on Wednesday evening, according to a person familiar with the matter and the guest list seen by the FT.
The snub marks the second time the White House has excluded Moynihan from such a meeting. Trump did not invite him to a dinner for Wall Street executives at the White House in November.
In contrast, other US bank CEOs including JPMorgan’s Jamie Dimon, Citigroup’s Jane Fraser and Wells Fargo’s Charlie Scharf were scheduled to attend the reception in Davos, according to the guest list.
The 66-year-old CEO has drawn the ire of the White House over the issue of “debanking”, a suspicion that certain people or companies have been unfairly denied banking services for reasons including political considerations.
After JPMorgan closed his account following his departure from the White House in 2021, Trump accused Moynihan of refusing to open a bank account for him personally.
“Brian was kissing my butt when I was president,” Trump said in August.
Nevertheless, the President has also publicly criticized Dimon and threatened to sue JPMorgan for “debunking”, but maintains a more cordial relationship with him.
During his appearance in Davos on Wednesday, Dimon made comments in support of Trump’s approach to NATO and Europe.
Moynihan appeared on a panel Wednesday with Trump’s Commerce Secretary, Howard Lutnick.
A person familiar with the bank’s relations with the White House said it had regular conversations with senior Trump administration officials, including Davos.
Moynihan met with Trump at the White House last summer when the president called on major bank heads to discuss possible plans to delist mortgage giants Fannie Mae and Freddie Mac. He also attended a state dinner during Trump’s visit to the UK in September.
Bank of America declined to comment. The White House did not immediately respond to a request for comment.
