Science

Yeh and JPMorgan Chase end their banking relationship

JPMorgan Chase and rapper formerly known as Kanye West are ending their business relationship, but the breakup isn’t the result of controversy over the hip-hop star’s recent anti-Semitic comments.

The letter ending West’s relationship with JPMorgan was tweeted on Wednesday by conservative activist Candace Owens, who has been seen publicly at events with the rapper, now known legally as Ye.

While Owens claimed that JPMorgan did not disclose the reason for the breakup, according to a person familiar with the matter, the letter was sent on September 20 to West, who was authorized to speak publicly about it. was not. The decision was made after Ye publicly stated that he was going to break ties with the bank. JPMorgan is giving West 60 days from the date of the letter to find a new banking relationship.

Earlier this month, Yeh and Owens caught attention after attending a Paris fashion show wearing shirts with the phrase “White Lives Matter” on the back, According to the Anti-Defamation League, the phrase has been adopted and promoted by white supremacist groups and sympathizers.

Social media companies Twitter and Instagram have blocked Ye’s accounts from posting in recent days due to anti-Ye comments, saying the comments violated company policy.

West told Bloomberg News on September 12 that he planned to end several of his corporate ties, saying that “it’s time for me to go it alone.” In that interview, he also criticized JP Morgan for not giving him access to the bank’s CEO and chairman, Jamie Dimon.

While he is rich from his hip-hop career, he also controls a popular fashion and shoe line under Yeezy Brands. In that interview with Bloomberg, he said he planned to break ties with his corporate suppliers as well.

In September, West prematurely spun off its shoe and clothing deal with Gap, claiming the retailer hadn’t met certain contractual obligations. In 2020 these and the retailer expected a 10-year deal designed to sell Yeezy-branded merchandise in Gap stores.

In 2021, Bloomberg ranked him as the wealthiest black American, with a net worth of $6 billion. Net wealth gap between $3.2 billion and $4.7 billion and . West’s partnership with adidasAccording to investment bank UBS.

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