Citizens Financial Group Cuts Ties With Private Prison Operators

Citizens Financial Group announced on July 17, 2026, that it will wind down its financial relationships and end credit lines with for-profit prison operators CoreCivic and The GEO Group. Both companies serve as government contractors for U.S. Immigration and Customs Enforcement, operating detention and deportation centers under the Donald Trump administration.

The bank characterized the move as a business decision driven by changed commercial circumstances, noting that the federal government's plans to purchase several facilities reduced the companies' need for a bank of Citizens' size. However, the decision follows months of public pressure and divestment campaigns led by the De-ICE Citizens Bank Coalition and the Greater Boston Interfaith Organization. These efforts included the withdrawal of over $350 million by individuals, organizations, and municipalities, with the city councils of Montclair and Jersey City threatening to pull their funds.

Activist groups claimed the move as a victory against the financing of human suffering. This transition occurs amid a sensitive political climate; President Donald Trump issued an executive order in August 2025 prohibiting debanking based on political or religious considerations, and bank regulators have increased scrutiny of such practices to avoid potential fines.