Wall Street Execs Raise Concerns About Trump’s Immigration Crackdown

Corporations across the U.S. are reacting to President Donald Trump’s executive order that temporarily bans individuals from seven Muslim-majority countries and refugees from entering the United States.

As protests have erupted at airports and other locations, some executives are sharing their concerns about the move, with some voicing strong opposition, including several Wall Street leaders.

“We are closely monitoring developments around the new U.S. travel restrictions imposed this weekend,” said Morgan Stanley Chairman and CEO James Gorman in a memo sent to employees on Sunday and cited by a Yahoo Finance story.

“While no individual employees were impacted in their travel to date, we are concerned for those individuals and their families who could be impacted and will provide them support as needed,” Gorman explained.

According to the executive, “We value immensely the contribution of all our employees from all over the world. Continuing to draw on talent from across the globe is a key element of Morgan Stanley’s culture and ultimately to our success in serving our clients.”

Goldman Sachs CEO Lloyd Blankfein told employees in a message the Trump’s order has the “potential for disruption to the firm,” according to Yahoo Finance.

Goldman has ties to at least six of Trump’s top advisors and Cabinet picks: Treasury Secretary nominee Steven Mnuchin, National Economic Council Director Gary Cohn, chief strategist Stephen Bannon, senior White House advisor Anthony Scaramucci and senior counselor for economic initiatives Dina Habib Powell are alumni of the firm; Securities and Exchange Commission chairman nominee Jay Clayton is a lawyer who has represented it.

Blankfein said in his message, “The president has issued an executive order that, generally, bans individuals from seven different countries from entering the United States and freezes the broader refugee program. This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily.”

Acknowledging the negative impact the ban could have on Goldman Sachs, he added: “If the order were to become or remain effective, I recognize that there is potential for disruption to the firm, and especially to some of our people and their families. I want to assure all of you that we will work to minimize such disruption to the extent we can within the law and are focused on supporting our colleagues and their families who may be affected.”

The Wall Street veteran added his view that the firm stands in favor of a more inclusive United States.