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
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×