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Trump takes shot at Bank of America, revives claims of discrimination

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President Donald Trump on Thursday accused the CEOs of the two largest American banks of refusing to serve conservatives, reviving a 2024 campaign talking point that the two companies deny.

Speaking via video to an assembly held at the World Economic Forum in Davos, Trump lashed out at Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon as part of a question-and-answer session.

“I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump said.

“You and Jamie and everybody, I hope you’re going to open your banks to conservatives, because what you’re doing is wrong,” Trump said.

Moynihan, who was among a few executives selected to ask the president questions during the Q&A, didn’t immediately respond to the accusation.

Both banks deny refusing service to conservatives.

“We serve more than 70 million clients, we welcome conservatives and have no political litmus test,” a Bank of America official said in an email.

“We have never and would never close an account for political reasons, full stop,” a JPMorgan spokeswoman said in a statement. “We follow the law and guidance from our regulators and have long said there are problems with the current framework Washington must address.”

In the aftermath of the 2008 financial crisis, caused in part by shoddy lending standards at major banks, U.S. regulators increased pressure on lenders to purge clients in industries considered higher risk for money laundering or fraud. That meant that payday lenders, pawn ships, firearms dealers, and those involved in pornography had their accounts revoked, often with little notice or explanation as to why.

As recently as October, Trump singled out Bank of America, repeating claims that it discriminates against conservatives.

The accusations may have roots in allegations from state attorneys general last year. In April, Kansas Attorney General Kris Kobach sent a letter to Moynihan, accusing the bank of canceling the accounts of “multiple religious groups with mainstream views in the last three years.”

In a May letter in response to Kobach, Bank of America said accounts are de-banked for reasons including a change of stated purpose of the account, the expected level or type of activity on the account, or failure to verify certain documentation required by law.

One account highlighted by Kobach was de-banked because it engaged in debt collection services, which was inconsistent with the Bank of America division that was servicing the account, according to the bank’s response.

“We would like to provide clarity around a very straightforward matter: Religious beliefs or political view-based beliefs are never a factor in any decisions related to our client’s accounts,” the bank said in that letter. “Bank of America provides banking services to non-profit organizations affiliated with faith-based communities throughout the United States. We have banking and investing relationships with approximately 120,000 faith-based clients in the United States.”

Influential people in Trump’s orbit have continued to claim that banks are discriminating based on religion or politics.

In November, Marc Andreessen, co-founder of the venture capital firm that bears his name, told podcaster Joe Rogan that dozens of startup founders had been de-banked in recent years. Andreesen has said he advises Trump on technology matters.

Bank of America shares were up more than 1% on Thursday, with JPMorgan shares higher as well.

The banking industry is seen as one of the biggest beneficiaries of the election of Trump, in large part because of expectations he would kill Biden-era regulatory efforts to force banks to hold tens of billions of dollars in additional capital against losses, make annual stress tests less opaque and drop efforts to cap credit card and overdraft limitations.

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Warren Buffett’s top stock picks come with 15% income bonus in new ETF

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Invest like Buffett: VistaShares CEO on new ETF that follows the investor

In a year that hasn’t been kind to many big-name stocks, Warren Buffett’s Berkshire Hathaway is standing near the top. Berkshire shares have posted a 17% return year-to-date, while the S&P 500 index is down 6%.

That performance places Berkshire among the top 10% of the U.S. market’s large-cap leaders, and the run has been getting Buffett more attention ahead of next weekend’s annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska. It’s also good timing for the recently launched VistaShares Target 15 Berkshire Select Income ETF (OMAH), which holds the top 20 most heavily weighted stocks in Berkshire Hathaway, as well as shares of Berkshire Hathaway. 

Berkshire is currently the biggest holding in the ETF, at 10.6% of the fund. Other top holdings in the ETF from among the ranks of Berkshire’s biggest bets include Apple, American Express, Kroger, VeriSign, Bank of America, Citigroup, Visa and of course Coca-Cola, a long time favorite of the man known as the Oracle of Omaha.

“It’s a really well-balanced portfolio chosen by the most successful investor the world has ever seen,” Adam Patti, CEO of VistaShares, said in an appearance this week on CNBC’s “ETF Edge.”

Berkshire’s outperformance of the S&P 500 isn’t limited to 2025. Buffett’s stock has tripled the performance of the market over the past year, and its 185% return over the past five years is more than double the performance of the S&P 500.

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Berkshire Hathaway is one of 2025’s top performing stocks.

In addition to this long-term track record of success in the market, Berkshire Hathaway is getting a lot of attention right now for the record amount of cash Buffett is holding as he trimmed stakes in big stocks including Apple, which has proven to be a great strategy. The S&P 500 has experienced extreme short-term volatility since President Donald Trump’s inauguration on January 20. Even after a recent recovery, the S&P is still down 8% since the start of Trump’s second term.

“The market has been momentum driven for many years, the switch has flipped and we’re looking at quality in terms of exposure, and Berkshire Hathaway has performed incredibly well this year, handily outperforming the S&P 500,” said Patti.

Berkshire Hathaway famously doesn’t pay a dividend, with Buffett holding firm over many decades in the belief that he can re-invest cash to create more value for shareholders. In a letter to shareholders in February, Buffett wrote that Berkshire shareholders “can rest assured that we will forever deploy a substantial majority of their money in equities — mostly American equities.”

The lack of a dividend payment has been an issue over the years for some shareholders at Berkshire who do want income from the market, according to Patti, who added that his firm conducted research among investors in designing the ETF. “Who doesn’t want to invest like Buffett, but with income?” he said.

So, in addition to being tied to the performance of Berkshire and the stock picks of Buffett, the VistaShares Target 15 Berkshire Select Income ETF is designed to produce income of 15% annually through a strategy of selling call options and distributing monthly payments of 1.25% to shareholders. This income strategy has become more popular in the ETF space, with more asset managers launching funds to capture income opportunities and more investors adopting the approach amid market volatility.

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More Americans buy groceries with buy now, pay later loans

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People shop for produce at a Walmart in Rosemead, California, on April 11, 2025. 

Frederic J. Brown | Afp | Getty Images

A growing number of Americans are using buy now, pay later loans to buy groceries, and more people are paying those bills late, according to new Lending Tree data released Friday

The figures are the latest indicator that some consumers are cracking under the pressure of an uncertain economy and are having trouble affording essentials such as groceries as they contend with persistent inflation, high interest rates and concerns around tariffs

In a survey conducted April 2-3 of 2,000 U.S. consumers ages 18 to 79, around half reported having used buy now, pay later services. Of those consumers, 25% of respondents said they were using BNPL loans to buy groceries, up from 14% in 2024 and 21% in 2023, the firm said.

Meanwhile, 41% of respondents said they made a late payment on a BNPL loan in the past year, up from 34% in the year prior, the survey found.

Lending Tree’s chief consumer finance analyst, Matt Schulz, said that of those respondents who said they paid a BNPL bill late, most said it was by no more than a week or so.

“A lot of people are struggling and looking for ways to extend their budget,” Schulz said. “Inflation is still a problem. Interest rates are still really high. There’s a lot of uncertainty around tariffs and other economic issues, and it’s all going to add up to a lot of people looking for ways to extend their budget however they can.”

“For an awful lot of people, that’s going to mean leaning on buy now, pay later loans, for better or for worse,” he said. 

He stopped short of calling the results a recession indicator but said conditions are expected to decline further before they get better.  

“I do think it’s going to get worse, at least in the short term,” said Schulz. “I don’t know that there’s a whole lot of reason to expect these numbers to get better in the near term.”

The loans, which allow consumers to split up purchases into several smaller payments, are a popular alternative to credit cards because they often don’t charge interest. But consumers can see high fees if they pay late, and they can run into problems if they stack up multiple loans. In Lending Tree’s survey, 60% of BNPL users said they’ve had multiple loans at once, with nearly a fourth saying they have held three or more at once. 

“It’s just really important for people to be cautious when they use these things, because even though they can be a really good interest-free tool to help you kind of make it from one paycheck to the next, there’s also a lot of risk in mismanaging it,” said Schulz. “So people should tread lightly.” 

Lending Tree’s findings come after Billboard revealed that about 60% of general admission Coachella attendees funded their concert tickets with buy now, pay later loans, sparking a debate on the state of the economy and how consumers are using debt to keep up their lifestyles. A recent announcement from DoorDash that it would begin accepting BNPL financing from Klarna for food deliveries led to widespread mockery and jokes that Americans were struggling so much that they were now being forced to finance cheeseburgers and burritos.

Over the last few years, consumers have held up relatively well, even in the face of persistent inflation and high interest rates, because the job market was strong and wage growth had kept up with inflation — at least for some workers. 

Earlier this year, however, large companies including Walmart and Delta Airlines began warning that the dynamic had begun to shift and they were seeing cracks in demand, which was leading to worse-than-expected sales forecasts. 

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