Bank of America is likely about to lose a very prominent customer.
The Democratic National Committee will announce some time in the next few days that it’s pulling some of its business from Bank of America, the Wall Street Journal reports, citing a “Democratic Party official.” Instead, the organization will keep its money at union-owned Amalgamated Bank. The process of moving all of the DNC’s money to Amalgamated will be completed after the election, according to the paper.
The move could make things a little awkward between the DNC and President Obama’s reelection campaign, which uses BofA for its banking needs. And as the Wall Street Journal notes, Obama will accept the Democratic presidential nomination at Bank of America Stadium in Charlotte, N.C., where the bank is headquartered.