Is There Such a Thing as a Progressive Bank?

Is There Such a Thing as a Progressive Bank?

Is There Such a Thing as a Progressive Bank?

Meet Amalgamated, a responsible banker.

Copy Link
Facebook
X (Twitter)
Bluesky
Pocket
Email

“Bankers are not the most popular figures in America right now,” says Keith Mestrich, chief executive of Amalgamated Bank. “The industry has lost consumer trust and has done very little to earn it back.” With respect to the banking industry in general, that’s probably an understatement. Earlier this year, a Harris Poll showed that America’s three largest banks—JPMorgan Chase, Bank of America and Citigroup—enjoyed “poor” reputations among the public at large. A fourth, Goldman Sachs, flirted with “very poor,” but, alas, could not make the superlative stick.

But Amalgamated is a different story. It has done—and is doing — quite a bit to demonstrate that Americans can again trust their banking system. Amalgamated Bank is alone among financial institutions in greeting visitors to its Web site with a call to action: “Join us as we fight to raise the minimum wage. Sign the petition.” It’s the same message exhorted by the bank’s ads on the New York City Subway—ads that were recently removed by the transportation authority for being “political.”

Mestrich says, “We believe earning trust starts by committing to paper our corporate principles—like supporting sensible regulation that safeguards consumer confidence, being forceful advocates for creating financial opportunity for everyone, and embracing transparency and corporate governance standards that allow for real accountability.” Coming from a banker, such rhetoric usually deserves a scoff and an eye roll—supporting regulation? Embracing transparency?—but Amalgamated is, and always has been, different.

Read the full text of Katrina’s column here.

Become a Sustaining Donor This September

Between the reemergence of right-wing red-baiting and Donald Trump’s use of the chilling National Security Presidential Memorandum–7 to criminalize left political organizing, we’re seeing McCarthyism reborn before our eyes.

This assault on democracy cannot be ignored or wished away. Resisting it requires bravery in the face of threats and repression, a steadfast commitment to the truth, and the unwavering belief that we can—and will—overcome this darkness.

We must have an independent media that sets the record straight, unearths corruption and abuses of power, and advances a politics of justice and dignity for all if we’re to win this fight.

That’s why I’m writing to you today. This September, The Nation needs to add 100 monthly donors to sustain our progressive journalism. Your contribution makes the next investigative report, the next truth-speaking column, and the next pathbreaking essay all possible. 

I hope you’ll support our work with a recurring donation today. If you donate $10 or more a month, we’ll send you a brand new “Hands Off the Free Press!” sticker to recognise your commitment to our cause. Please, donate today. 

Onward,

Katrina vanden Heuvel
Editor and Publisher, The Nation

Ad Policy
x