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Barclays no longer plans to raise $850 million for private-prison manager CoreCivic through Alabama.
Activist investors pushed back, citing Barclays promise that it would not fund private prisons.
KeyBank followed suit, as bulge-bracket banks weigh the ESG risks of prison funding.
Barclays has withdrawn a controversial $850 million financing for the state of Alabama and private-prison manager CoreCivic, just hours before the deal was expected to wrap up in the public and private bond markets.
The transaction, which reignited a debate over big banks role in the US incarceration system, was slated to fund two new correctional facilities that were to be constructed by private-prison operator CoreCivic.