New data reveal extensive investments and financing of companies aiding the repression and killing of US residents
SAN FRANCISCO (Chochenyo and Karkin Ohlone Lands) – New data released today by Stand.earth reveals that major financial institutions – including pensions CalPERS, CalSTRS, and New York State Common and Teachers Funds and banks Wells Fargo, JPMorgan Chase, Bank of America and – have heavily invested in and financed, respectively, companies that have profited from contracts enabling Immigration and Customs Enforcement (ICE) repression and violence in the U.S. The companies include Palantir, CoreCivic, Geo Group, General Dynamics, CACI, L3Harris and AT&T. The data release comes after a weekend of “No Kings” protests against the Trump administration’s regressive authoritarian policies.
Combined, 30 U.S. public pensions have more than $8.8 billion invested in the companies above. Besides CalPERS ($1.6B), CalSTRS ($1.1B) and New York State Common ($755M) and Teachers Fund ($613M), other examples of public pensions include: New Jersey ($249M), Wisconsin ($399 M), Michigan ($251M) and Ohio ($299M). Canadian and US public pension funds have more than $11.3 billion invested in the above listed ICE-contractors.
In total, the top eight U.S. banks — including JPMorgan Chase, Bank of America, Wells Fargo, and Citi — have financed more than $72 billion in loans and bonds to ICE contractors since 2020. These banks also have extensive investments, often through their asset and wealth management divisions, in many of the named companies. In total, banks globally have issued more than $218 billion in financing to the above listed ICE-contractors since 2020.
“People should be horrified that their hard-earned money is enabling ICE to kidnap, murder, and terrorize our family, friends, and neighbors. There is no excuse for investing in, or financing these reprehensible companies who are profiting from racist, authoritarian violence,” said Todd Paglia, Executive Director with Stand.earth. “It is time for an investigation into how public pensions and banks are aiding and abetting a regime hell-bent on advancing chaos and terror in our communities.”
Companies were chosen based on available data, and having been issued contracts since 2025 with ICE or Homeland Security. AT&T is the exception, with a multiyear contract with ICE that runs from 2021 to 2027. These include: Palantir, a tech and surveillance company ($1.8 billion contract), private prison companies GEO Group ($800.9 million) and Core Civic ($294.8 million), weapons manufacturers General Dynamics ($17.2 million) and L3 Harris ($4.4 million), and telecommunications and IT companies CACI ($70.1 million) and AT&T ($90.7 million issued in 2021).
U.S. public pensions’ and banks’ management of private and public money is increasingly under a spotlight as these financial institutions fund controversial and harmful industries. U.S. banks are the largest financiers of fossil fuel expansion in the world and major boosters of financially risky LNG projects, including many that Texas and Louisiana communities are opposing due to that industry’s environmental injustices. U.S. public pensions have been repeatedly called out for overexposure to fossil fuel companies that risk becoming stranded assets and harming their members long-term benefits and a climate-safe future.
Stand.earth notes that Break Free Suisse initiated this analysis of financial institutions enabling ICE-contractors with novel research into Swiss companies in February 2025.
Data on Global and USA Banks, Shareholders and US pensions including graphics can be found here.
Media backgrounder on the companies:
- Palantir is a tech company that has been called the “corporate backbone” of ICE, providing custom apps and software that the agency has used to surveil and deport immigrants for years. In February, Palantir signed a new $1 billion purchasing agreement with the Department of Homeland Security (DHS), despite growing criticism of their relationship with the agency.
- AT&T is providing telecommunications and network support to ICE.
- Geo Group and Core Civic, the two largest private prison companies in the U.S., run detention facilities for ICE. Both companies saw their revenues rise in 2025, and Geo Group’s founder told investors they are pursuing “unprecedented growth opportunities” under the current administration.
- General Dynamics is the fifth largest weapons company in the world, and provides the Department of Homeland Security with surveillance technology, including a system with biometric and biographic information on over 230 million individuals that was used by ICE to deport 450,000 individuals between 2008 and 2014 alone.
- L3 Harris is another weapons manufacturer that supplies phone tracking devices and other equipment to ICE.
- CACI is an information technology government contractor that provides IT, telecommunications, and investigative services to ICE.
Contacts
Richard Brooks, Climate Finance Director – Stand.earth +1 416-573-7209
richard@stand.earth (Eastern Time)
Arin de Hoog, Communications, Oil, Gas and Shipping – Stand.earth. +1 613-978-7329,
arin.dehoog@stand.earth (Eastern Time)