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
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
German Chancellor Friedrich Merz: “The Current Welfare State Can No Longer Be Financed”
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
Wizz Air passengers screamed as storm-battered flight diverts to Bologna
European postal services halt U.S. deliveries after Trump imposes new tariffs
Urban explorer finds abandoned luxury restaurant left to decay
Fidesz leader labels Péter Magyar a ‘bluffer’ amid escalating political spat
French rope park operator arrested for denying entry to Israeli children
Újpest thrashes Zalaegerszeg 4-1 to secure first win in five matches
Profit-margin cap costs retailers 13 billion forints a month, warns trade group
Curiosity rover finds coral-like rock on Mars hinting at watery past
U.S. green policy rollback drives investors to Europe’s sustainable finance market
Special funerals rise in Hungary: boat, aerial and forest burials gain popularity
Hungary’s Kiskunság region turning into semi-desert after extreme drought
Kopasz Bálint wins world kayak 1000 m title in Milan, making him triple world champion
Budapest’s Keleti railway station to close for four weeks for track overhaul
Balaton could be unfit for swimming by 2035 and dry by 2050, scientists warn
Leaked guidelines show Meta’s AI allowed flirty and racist interactions with children
Filming of ‘Emily in Paris’ halted after assistant director dies on set
Filipino guest workers sue after Hungary moves to deport them for pregnancy
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
A monster hit and a billion-dollar toy empire
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
Canada: Nurse Suspended and Fined 93 Thousand Dollars After Stating the World’s Most Well-Known Fact Since the Creation of Adam and Eve, That There Are Only Two Genders
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
U.S. Treasury Secretary Whitney Bessent Backs Stablecoins to Boost Treasury Demand
Spain to Declare Disaster Zones After Massive Wildfires
Three-Minute Battery Swap Touted as Future of EVs
Beijing Military Parade to Showcase Weapons Advances
×