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.”
Newsletter

Related Articles

0:00
0:00
Close
UK Prime Minister Alters Travel Plans after French Railway Sabotage
Israel Warns France of Iranian Threats at Paris Olympics
EU Approves €4.2 Billion Payment to Kiev
Olaf Scholz to Run for German Chancellor Again in 2025
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
World's Hottest Day Recorded on July 21
President Biden Returns to White House After Testing COVID Negative
Thousands Protest in Mallorca Against Mass Tourism
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Erdogan Challenges NATO Stance at 75th Anniversary Meeting
Hungary's Orban Shakes Up EU Leadership
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
US Criticizes International Court's Opinion on Israeli Occupation
EU’s Patronizing Attitude Towards Africa Revealed
Ukraine to Receive First One and a Half Billion Dollars of Seized Russian Funds
Netanyahu Denounces World Court Ruling on Israeli Occupation
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Russia Accuses Ukraine of Using Chemical Weapons
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Record Heat Temperatures in Ukraine Amid Power Crisis
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
India Advocates Peace and Prosperity: PM Modi's Speech in Austria
New UK PM Keir Starmer Reaffirms Strong Support for Ukraine at NATO Summit
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
France Faces Political Turmoil and Airport Strikes Ahead of Paris Olympics 2024
Putin Hosts PM Modi for a Private Meeting
Boeing Pleads Guilty Over 737 MAX Crashes
2024 Predicted to Be World's Hottest Year
White House Denies Biden Being Treated for Parkinson's Disease
Biden to Meet New UK Prime Minister Keir Starmer
Biden Insists on Continuing Presidential Race Amid Criticism
×