Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

0:00
0:00

Bank of America cuts short conference after outrage at Ukraine comments

‘It was more like Bank of Russia than Bank of America,’ says one viewer, as bank calls online attendees to apologise
Bank of America has cut short an online client conference on geopolitics and apologised to attendees after some balked at what they saw as pro-Russian comments about the war in Ukraine, according to three people who attended the event.

The conference was designed as a two-day event beginning on Tuesday, but BofA Securities cancelled three sessions addressing US sanctions on Russia and Russia-US relations. The move came after some clients complained about the tone of comments by speakers from inside and outside the bank during online forums on Tuesday.

One of the bank’s strategists telephoned clients after the event to apologise for the content of Tuesday’s sessions, according to three people familiar with the matter.

“I still don’t get why US banks still wheel out speakers at events for clients who so often roll through Moscow’s talking points on the war in Ukraine,” Timothy Ash of BlueBay Asset Management, a Russia specialist who attended the conference, wrote on Twitter.

He told the Financial Times: “Clearly Moscow is in an information war with the west. It has an interest in influencing how western banks portray the conflict, and banks need to be mindful of that.”

Bank of America said the meeting was one of many that include external speakers to help its clients understand issues affecting their investment decisions.

It said in a statement: “All our external speakers are independent and the diverse views expressed are their own. We have apologised to those clients who voiced their displeasure at some of the views expressed.”

Investment banks often host speakers with controversial views as part of their efforts to supply a broad range of opinions to their clients. But some of those present at Tuesday’s event said it was unusual for such one-sided views to be presented without there being other viewpoints for balance.

“It was more like Bank of Russia than Bank of America,” said one of those present. “The whole event was overwhelmingly pro-Russian.”

Another person described Tuesday’s sessions as “relentlessly anti-Ukrainian”.

Two people on the call said that Daniel Sheehan, BofA Securities’ senior vice-president for international relations, was critical of Ukrainian president Volodymyr Zelenskyy, describing him as “a master manipulator and mimic” about whom there were “serious concerns” in the US administration. A spokesperson for Zelenskyy did not immediately respond to a request for comment.

A BofA spokesperson said the bank disagreed with this interpretation of Sheehan’s remarks, which had been intended to reflect the views of others, rather than his own.

One of those present said they felt one speaker, Nicolai Petro, a professor of political science at the University of Rhode Island, “said stuff that was absolutely shocking . . . it was straight out of the foreign ministry of Russia”.

However, Petro has countered that people who complained “had their own agenda” and had “really not listened” to what he said.

In his prepared speech, which he shared with the FT, Petro’s remarks included: “Under any scenario, Ukraine would be the overwhelming loser” in the war. Its industrial capacity would be “devastated”, partly by its economic policy of becoming an agricultural superpower “as recommended by the EU and the United States” and its population would continue to shrink as people left to look for employment abroad.

“If this is what Russia meant by removing Ukraine’s capacity to wage war against Russia, then it will arguably have won,” he said.

He said the US government had no interest in a ceasefire as it had the most to gain from a prolonged conflict through a “dramatic increase in EU energy and military dependence on the US”.

After the talk, Ash asked Petro a number of questions. One attendee said that Petro’s views were “not praising [Russian president Vladimir] Putin” and that it appeared that Ash wanted to push an agenda.

Ash said his only agenda was “to make sure western banks adopt a balanced approach to the conflict and don’t get sucked into just echoing Moscow’s talking points”.

Another person present said that, while views such as Petro’s may be offensive to many in the west, it was important to hear them expressed.

“It does convey information about how other people think,” the person said. “If that’s how people in Russia think about how the conflict has evolved, that’s important to know.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Historic Papal Conclave Set to Commence in Rome
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
EU Hits TikTok with €530 Million Fine Over China Data Transfers
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
U.S. and Ukraine Poised to Sign Strategic Critical Minerals Deal Amid Geopolitical Shifts
Spain Restores Power After Unprecedented Nationwide Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
How do you fix this culture?
Corrupted from Within: How Deep State Power and Unelected Judges Hijacked Democracy Against the Will of the People
President Trump and Ukrainian President Zelensky just held an impromptu discussion on the sidelines of Pope Francis' funeral in Rome.
World Leaders Gather in Rome for Pope Francis's Funeral
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Peter Navarro: The Man Behind Trump’s Tariff Madness
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Pope Francis: head of the Catholic church who pushed for social and economic justice
China do not pay these tariffs - you pay it. This is new 145% tax you pay to the US government.
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
Greek Christians Celebrate Easter in Thessaloníki
US Federal Reserve Chair Issues Warning on Tariff Impact
China, China, China!
Pope Francis Makes Brief Appearance at Easter Sunday Mass
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Alphabet Faces Antitrust Setbacks as Federal Judges Rule Against Google
US Billionaires Call for Higher Taxes, but Proposed 'Millionaires Tax' May Not Achieve Desired Outcome
This is Vienna, Austria in 2025.
Designed in US, made in China: Why Apple is stuck in tariff tussle
Boeing Jet Returns to US from China Amid Tariff War
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
Italy Introduces 'Sex Rooms' in Prisons for Inmates
Italian Prime Minister Giorgia Meloni Meets with Donald Trump to Discuss EU-US Trade Tensions
South East Asia Caught in US-China Trade Dispute
Ukraine and US Sign Outline of Minerals Deal
U.S. and Panama Finalize Defense Agreements Amid Canal Access and Chinese Influence Concerns
×