Social-Media
Facebook platforms are boycotted by the biggest banks in Canada
The largest lenders in Canada confirmed their joining on Friday to a mass boycott of Facebook Inc. (FB.O) initiated by the U.S. civil rights groups to exert pressure on the world's largest social media platform to take practical action to block the speech of hatred.
In response to the "Stop Hate for Profit" campaign, launched after the death of George Floyd, a Black man in police custody who died in Minneapolis on May 25, more than 400 brands drew on Facebook publicity.
All the Canadian lenders said that in July Canada will break off advertising on Facebook platforms, including the Royal Bank of Canada (RY.TO), Toronto-Dominio Bank (TD.TO), the Bank of Nova Scotia (BNS.TO), the Bank of Montreal (BMO.TO), the National Bank of Canada (NA.TO) and Canadian Imperial Commerce Bank(CM.TO).
The Desjardins Group, the largest credit union organization in Canada, also said on Thursday that it will pause on Facebook and Instagram for the month "when we have to contact our members or customers in exceptional cases."
The majority cited their inclusion and diversity commitments.
Facebook has been open for civil rights audits and banned Facebook and Instagram, a spokesperson said by email, from 250 White supremacism organisations. He added that his investment in artificial intelligence accounts for close to 90 percent of hate speech before users report it.
BMO has continued its "continued dialog with Facebook to modify its platforms in order to reduce hate speech spread."
RBC said that "misinformation and speech hatred that only make systemic racism more pervasive" are one way to assist customers and communities.
