JPMorgan Chase, Adidas, Balenciaga Run At Loss After Dropping Kanye West

In October 2022, Kanye West shared a series of tweets that were deemed anti-Semitic. The controversial tweets led the rapper and fashion entrepreneur to be cut by major companies, including his legal team.

Morgan Chase, Adidas, and Balenciaga all cut ties with. However, since Kanye’s  partnership terminations, it seems those companies are also experiencing financial and reputational issues.

JPMorgan Chase Bank was one of the first entities to part ways from Kanye in early October. The major financial institution reportedly informed the Chicago rapper in a letter that they were ending their banking relationship with him.

On Oct. 21, 2022, French fashion house Balenciaga revealed to Women’s Wear Daily that they have parted ways with Kanye West following his controversial remarks and behaviours.

On Oct. 25, 2022, Adidas announced it was terminating its partnership with West, citing his continual anti-Semitic comments.

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“Adidas does not tolerate anti-Semitism and any other sort of hate speech. West’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” the statement read

Less than four months after dropping Kanye West, former JP Morgan Chase executive Jes Staley’s alleged sexually explicit emails exchanged with the late financier Jeffrey Epstein was revealed, according to a CNN report.

Staley exchanged over 1,000 emails from his JP Morgan Chase email account with Epstein between 2008-2012, while he was under investigation for child sex trafficking.

In November, Balenciaga dropped their holiday campaign featuring children holding teddy bears in bondage harnesses and sexually explicit costumes, according to a report from The New York Times.

The company was accused of pedophilia, and #cancelBalenciaga later trended on Twitter. Balenciaga responded by issuing an apology statement on their Instagram story.

“We strongly condemn abuse of children in any form. We stand for children’s safety and well-being,” the statement read. The campaign was also removed from their official website.