Citi CEO Michael Corbat just sent a strongly worded memo to the bank’s employees in response to President Donald Trump’s immigration ban.
Trump on Friday signed an executive order barring people from seven majority-Muslim countries – Iraq, Iran, Libya, Somalia, Sudan, Syria, and Yemen – from entering the US.
“We are concerned about the message the executive order sends,” Corbat wrote. He said the firm was advising and supporting colleagues who could be affected.
“We encourage the leaders of the United States to find the right balance between protecting the country and its longstanding role as an open and welcoming society,” he said.
Here is the memo (emphasis added):
“Since the weekend, we have been reviewing the executive order on immigration, as well as statements by administration officials, to assess its impact. As a U.S. company and the world’s most global financial institution, we are concerned about the message the executive order sends, as well as the impact immigration policies could have on our ability to serve our clients and contribute to growth. We have been advising colleagues who could be affected and will continue to support them and their families.
“We are proud of Citi’s diversity and the fact that we hail from over 100 countries. We encourage the leaders of the United States to find the right balance between protecting the country and its longstanding role as an open and welcoming society.”
Goldman Sachs CEO Lloyd Blankfein on Sunday night left a voicemail for all employees saying, “This is not a policy we support.”
Morgan Stanley CEO James Gorman on Sunday night sent a memo to employees that read, “We are concerned for those individuals and their families who could be impacted and will provide them support as needed.”
JPMorgan’s operating committee, which includes CEO Jamie Dimon, sent a memo to employees expressing the firm’s “unwavering commitment” to its staff.
Numerous business leaders from the corporate and tech worlds also spoke out against the immigration ban over the weekend, including Mark Zuckerberg, Sergey Brin, and Tim Cook.