At a glance
Citizens Bank announced it's ending its relationships with private prison companies CoreCivic and GEO Group following public pressure from activists and shareholders. The bank joins other financial institutions divesting from the for-profit detention industry.
Citizens Bank announced it's ending relationships with private prison companies CoreCivic and GEO Group following pressure from activists and shareholders. The bank joins a growing list of financial institutions divesting from the for-profit detention industry.
When banks start cutting ties, it signals that the business is becoming a liability — reputationally and potentially financially. Citizens Bank didn't need to do this; the decision reflects that the cost of staying invested (activist campaigns, shareholder pressure, brand risk) now exceeds the benefit. Each bank that exits makes it easier for the next one to follow.
Citation trail
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