Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Report: Banks, Financial Institutions Still Funding Cluster Bomb-Making Companies with Billions of Dollars

Common Dreams staff

A report released today shows that billions of dollars are still being invested in companies that produce cluster bombs, weapons banned by most of the world.

Unexploded M85 type cluster submunition (c) Stéphane De Greef, Landmine and Cluster Munition Monitor

The report from IKV Pax Christi and FairFin, The “Worldwide Investments in Cluster Munitions, a shared responsibility,” shows that banks and other financial institutions have invested more than $43billion (USD) in companies making cluster bombs since 2009.

The report includes a "Hall of Shame" that lists the financial institutions investing in producers of cluster bombs.

Among the U.S.-based institutions in the Hall of Shame are AIG, Wells Fargo Bank, JP Morgan Chase and Goldman Sachs.

Reacting to the report, Laura Cheeseman, Director of the Cluster Munition Coalition, stated, “Most of the world has banned cluster bombs because of the severe and long-lasting impact they have, but even some countries that have joined the Convention are still allowing money to be invested in their production. The best way to prevent this is to explicitly legislate against it.”

* * *

From “Worldwide Investments in Cluster Munitions, a shared responsibility” report:

* * *

Cluster Munition Coalition: Stop funding cluster bomb producers

Global report shows progress made but billions still invested in companies producing weapons banned by most of the world

(London, 14 June 2012): The Cluster Munition Coalition (CMC) is calling on governments to ban investments in companies producing cluster bombs, following news that billions of dollars are still being invested in producers of these weapons. The CMC believes that countries that have joined the Convention on Cluster Munitions have a legal obligation to halt such investments.

The “Worldwide Investments in Cluster Munitions, a shared responsibility” report by CMC members IKV Pax Christi and FairFin, launched today in Berlin, shows that since 2009 banks and other financial institutions from 16 countries have invested more than $43billion (USD) in companies making cluster bombs.

The bulk of these investments come from states that have not yet joined the Convention on Cluster Munitions (CCM), the global ban that prohibits the use, production, transfer and stockpiling of cluster bombs, as well as assistance in any of these acts.

“It is encouraging that an increasing number of banks are pulling funds from cluster bomb producers, and that countries are legislating to prevent this practice, but this report clearly shows that more needs to be done,” said Laura Cheeseman, Director of the CMC.

“Most of the world has banned cluster bombs because of the severe and long-lasting impact they have, but even some countries that have joined the Convention are still allowing money to be invested in their production. The best way to prevent this is to explicitly legislate against it,” Cheeseman added.

Today CMC campaigners in Canada, Belgium, France, Germany, Luxembourg, Spain, South Africa, Switzerland, the UK and elsewhere are urging their governments to take this step. They are also urging banks and financial institutions to recognize that their customers do not want their money being invested in deadly, indiscriminate weapons that have been banned by most of the world because of the devastation they cause.

Under the legal obligations of the Convention, states that have joined are not only legally bound to cease making cluster bombs themselves but also never to assist, encourage or induce anyone else to do so. While some States Parties to the Convention have enacted national laws that prohibit public or private financial institutions from providing such assistance, many others have not yet taken this step.


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

#UprootTheSystem: Climate Movement Readies Another Global Strike

Youth activists are demanding not only climate action but also equitable Covid-19 vaccine distribution.

Andrea Germanos ·


Big Pharma Greed 'Literally Killing Americans,' Sanders Says Outside Drug Lobby HQ

"How many people need to die, how many people need to get unnecessarily sicker, before Congress is prepared to take on the greed of the prescription drug industry?" asked Sen. Bernie Sanders.

Jake Johnson ·


Vaccine Equity Coalition Warns 'Pathetic Trickles of Charity' Won't End Pandemic

"Rich countries are selfishly looking out for themselves but short-changing all of us. We need bold solutions now, not more empty gestures."

Jake Johnson ·


'Do Better,' Say Advocates as Biden Seeks to Double Refugee Admissions

"When thousands of Afghans have been forced to flee their home to find safety, and Haitians are seeking safety on the southern border, the very least the United States can do is set a resettlement goal that meets the moment."

Brett Wilkins ·


Border Patrol Accused of 'Unfathomable Cruelty' for Cracking Whips on Haitians

"It doesn't matter if a Democrat or Republican is president, our immigration system is designed for cruelty towards and dehumanization of immigrants," said Rep. Alexandria Ocasio-Cortez.

Brett Wilkins ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo