Comptroller Lander Casts Protest Votes Against Wells Fargo, Citibank, JP Morgan Chase’s Banking Designations

New York, NY — As Donald Trump and his allies escalate their attacks on climate action, DEI, and civil rights, the Comptroller’s Office voted against the designations of Wells Fargo, Citibank, and JP Morgan Chase during today’s New York City Banking Commission designation vote.  

“The banks that hold New York City’s deposits should adhere to the rule of law and New York City’s core values. They should not yield to Donald Trump’s far-right, discriminatory, anti-climate, anti-DEI agenda,” said Comptroller Brad Lander. “Last week, at the first ever standalone public hearing of the Banking Commission, New Yorkers offered powerful testimony about the harms these banks caused in accelerating the climate crisis, widening the racial wealth gap, and discriminating against New Yorkers. Rather than rewarding them, as the Adams Administration is doing with today’s designations, New York City should demand better from these banks—to advance community reinvestment, combat discrimination, support climate action, and serve all New Yorkers fairly.”  

Additionally, the Comptroller’s Office voted against the designation of Flagstar and Ridgewood bank citing poor credit ratings and testimony from New York City tenants who experienced landlord harassment and negligence in buildings financed by these institutions.  

The Banking Commission approved the designation of all five banks over the Comptroller’s objections and calls to invoke the necessity exemption to conditionally designate. The Adams administration’s votes granted these banks the authority to hold City funds despite the banks’ continued investments and policies that undermine climate action, affordable housing, and civil rights, and in defiance of overwhelming public testimony opposing their designation.  

The New York City Banking Commission is a three-member body composed of the Mayor, the Comptroller, and the Commissioner of the Department of Finance responsible for approving which banks are eligible to hold City deposits. The Commission’s vote will grant 31 banks the authority to hold City funds and receive new City accounts for services like payroll, vendor payments, and agency deposits. Under the Charter and the Rules of the NYC Banking Commission, to comply with designation requirements a bank must file certificates concerning its policies of non-discrimination in hiring, promotion, and delivery of banking services, and for bank closings.  

Today’s vote takes place one week after the Banking Commission’s first-ever standalone public hearing, where dozens of New Yorkers testified powerfully about the harmful roles these banks continue to play in the city, including investments and policies that accelerate the climate crisis, fund some of the city’s worst landlords, and deepen the city’s racial wealth gap. The stand-alone hearing builds on the reforms advanced by Comptroller Lander’s administration to improve the Banking Commission’s transparency and accountability.  

Climate Action 

The Comptroller voted against designating Wells Fargo and Citibank for caving to Trump’s anti-climate agenda. In February shortly after Trump took office, Wells Fargo became the first and only major U.S. bank to abandon its pledge to reach net-zero financed emissions by 2050. Wells Fargo scrapped its sector-specific interim emissions targets for 2030. The bank abdicated its responsibility to stop the climate crisis, claiming that the actions needed to achieve a just transition to clean energy are outside of its control—all while pouring $300 billion into fossil fuel projects that contribute to climate collapse.  

Citibank has come under fire for unlawfully withholding $20 billion of Congressionally approved Greenhouse Gas Reduction Funds for clean energy. Citibank locked out clean energy nonprofits grantees from accessing lawfully awarded funds without providing any justification for doing so. Now the bank is the defendant in multiple lawsuits for violating its contract. Comptroller Lander voted against Citibank’s designation to hold it accountable for prioritizing Trump’s agenda over the bank’s contractual obligations.  

“Over the past decade, Wells Fargo has been involved in multiple high-profile scandals and regulatory actions. These crimes alone should make Wells ineligible to be a designated NYC bank, and laughably so. But even more damaging—and most important for us in Third Act, who are terrified about the kind of world we are on track to leave our grandchildren, especially here in NYC, which is significantly vulnerable to climate change impacts —is Wells’ contribution to the climate crisis. On February 28, 2025, Wells Fargo became the first major U.S. bank to abandon its 2030 and 2050 climate targets. In addition, between 2016 and 2023 Wells Fargo provided almost $300 billion to the coal, oil, and gas companies driving the climate crisis. The bank is a totally inappropriate partner for the City of New York and our Comptroller’s Office, has shown the world what real climate leadership looks like,” said Sheldon Pollock, Third Act NYC.   

“Choosing where to put New York City’s funds is a choice between a safe climate future, or more extreme weather. Despite fossil fuel financing banks rolling back climate commitments, climate-related financial risks are only rising as fires and floods increase, and NYC has a responsibility to New Yorkers to choose people over polluters. We thank Comptroller Lander for voting in line with a healthy and safe New York,” said Hannah Saggau, Stand.earth.   

“The children of New York have a right to a future with a stable climate, clean air, and clean water. At the current rate of investment by Wells Fargo, JP Morgan Chase, and Citibank in fossil fuel projects, that will not be the case,” said Rachana Shah, Climate Families NYC. “We believe the City should stop relationships with any bank continuing to ramp up fossil fuel funding while failing to commit to net zero by 2050. This is the ONLY way to provide a just future young to New Yorkers who did not cause this crisis.”  

“We are glad that Comptroller Lander is voting against Wells Fargo’s application as the banking partner for New York City. This city is made up of working class, largely immigrant communities who are most vulnerable to the impacts of climate change, from flooding to higher and higher temperatures. Wells Fargo is a primary financier of the fossil fuel industry and the only major U.S. bank to abandon its net zero targets, not to mention its deplorable record on racist lending practices, workers rights, and the fake account scandal. It’s undeniable that Wells Fargo is unfit to be a bank partner for this city and should not be approved to safeguard taxpayer dollars,” said Jenny Xie, Organizing Manager, Stop the Money Pipeline.   

Civil Rights 

The Comptroller also voted against the designation of J.P. Morgan Chase Bank after receiving troubling testimony about Muslim and Arab New Yorkers’ experiences of discrimination, ultimately voting against the designation of J.P. Morgan Chase, which holds the City’s payroll accounts. 

Comptroller Lander continued, “New York City has the most expansive anti-discrimination laws in the country and it is incumbent upon banks that hold City deposits to adhere to the spirit and letter of the law. Anything less falls short of the requirements for designation under Title 22 of the Rules of the City of New York.” 

“These banks have repeatedly chosen profits over people—failing to meet the needs of everyday New Yorkers, financing displacement, and caving to far-right pressure campaigns that undermine climate action and racial equity,” said Dr. Debbie Almontaser, Yemeni Merchants’ Association and Emgage. “We commend the Comptroller for taking a principled stand against institutions like Wells Fargo, Citibank, and JPMorgan Chase. Our communities deserve financial partners that invest in justice, equity, and a sustainable future—not those complicit in systemic harm such as racial profiling of Muslims by their third party vetters.” 

“CAIR-NY applauds the NYC Comptroller for voting to block these banks from doing business with the City of New York. The institutions listed are among the worst offenders when it comes to ‘debanking’ their customers, a problem which disproportionately affects Muslim and immigrant communities. For years, these banks have been in the practice of suddenly closing personal accounts with no reason given, leaving customers with no available recourse. Until they commit to serious reform of their discriminatory policies, such institutions do not deserve to do business with taxpayer funds. Legislative action is needed to completely solve this issue. A ‘no’ vote from the Banking Commission would be a significant first step towards transparency and equity in banking access for all New Yorkers.” CAIR-NY 

Tenant Rights  

Comptroller Lander also voted against the designation of Flagstar Bank and Ridgewood Savings Bank, following testimony from tenants experiencing harassment and neglect from landlords financed by these institutions. In addition, Flagstar Bank held the worst credit rating of any applicant. 

“For years, New Economy Project, together with community and labor groups and other allies citywide, has urged New York City to divest public funds from predatory Wall Street banks that redline Black and brown neighborhoods, prop up slumlords, and bankroll the climate crisis—and to create a public bank that invests in the public good,” said Will Spisak, Senior Policy Strategist at New Economy Project. “We applaud the Comptroller for heeding these calls and casting his vote to align the City’s finances with the public interest. It’s time to break Wall Street’s grip on our public money and establish a bank for the people that invests in deeply affordable housing, clean energy, and other vital community needs.” 

“For decades, big banks have systematically extracted wealth from Black, brown, and low-income New Yorkers while failing to provide affordable credit and service to communities of color. As exemplified in the case of Signature Bank, these financial institutions orient entire business models around gentrification and displacement, regardless of the costs to the lives of residents or even the maintenance and basic conditions of the underlying assets,” said Colin Kent-Daggett, Advocacy Coordinator of Housing Rights at TakeRoot Justice. 

Read Deputy Comptroller Annie Levers’ full remarks here: https://comptroller.nyc.gov/newsroom/testimonies/deputy-comptroller-for-policy-annie-levers-delivers-remarks-at-the-nyc-banking-commission-designation-vote/ 

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