Banks are amoral enterprises at the best of times, but this is not a great look for Bank of America. But then again, we're reminded that Deutsche Bank were backers of Hitler in the 1930s.
Source: Financial Times
Bank of America cut short an online client conference on geopolitics and apologised to attendees after some balked at what they saw as pro-Russian comments about the war in Ukraine, according to three people who attended the event.
The conference was designed as a two-day event beginning on Tuesday, but BofA Securities cancelled three sessions addressing US sanctions on Russia and Russia-US relations. The move came after some clients complained about the tone of comments by speakers from inside and outside the bank during online forums on Tuesday.
One of the bank’s strategists telephoned clients after the event to apologise for the content of Tuesday’s sessions, according to three people familiar with the matter.
Apparently, it's not uncommon for banks to have speakers with, shall we say, divergent viewpoints. But this was different.
Investment banks often host speakers with controversial views as part of their efforts to supply a broad range of opinions to their clients. But some of those present at Tuesday’s event said it was unusual for such one-sided views to be presented without there being other viewpoints for balance.
“It was more like Bank of Russia than Bank of America,” said one of those present. “The whole event was overwhelmingly pro-Russian.”
Another person described Tuesday’s sessions as “relentlessly anti-Ukrainian”.
