Canada’s largest banks join boycott of Facebook platforms

TORONTO (Reuters) – Canada’s largest lenders confirmed on Friday that they had joined a widespread boycott of Facebook IncFB.O) started by United States civil rights groups seeking to pressure the world’s largest social media platform to take concrete steps to block hate speech.

More than 400 brands have withdrawn advertising on Facebook in response to the “Stop Hate for Profit” campaign, which began after the death of George Floyd, a black man who died in police custody in Minneapolis on May 25.

Canadian Lenders Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NATO) and the Canadian Imperial Bank of Commerce (CM.TO) They all said they will pause advertising on Facebook platforms in July.

Desjardins Group, Canada’s largest federation of credit unions, also said Thursday on its website that it will stop advertising on Facebook and Instagram during the month “except in any exceptional situation where we need to communicate with our members or clients.”

Most cited their commitments to inclusion and diversity.

Facebook has opened up to a civil rights audit and has banned 250 white supremacist organizations from Facebook and Instagram, a spokesman said by email. His investments in artificial intelligence mean he finds almost 90% of the hate speech he acts on before users report it, he added.

BMO said it continues its “ongoing dialogue with Facebook about the changes they can make to their platforms to reduce the spread of hate speech.”

RBC said one way to help customers and communities is to oppose “misinformation and hate speech, which only make systemic racism more widespread.”