Donald Trump announced on Monday he has picked investment banker and Republican mega-donor Warren Stephens to serve as ambassador to the UK.
“Warren has always dreamed of serving the United States full time,” wrote Trump in a social media post. “I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies.”
Stephens is chairman, president and CEO of Stephens Inc, a privately owned financial services firm headquartered in Little Rock, Arkansas, according to the firm’s website.
The businessman has donated regularly to conservative causes, although not always in support of Trump. Stephens initially poured money into efforts to oppose Trump’s 2016 run, but he later supported Trump’s 2020 presidential run. In 2023, Stephens donated in support of Asa Hutchinson’s presidential run. In 2024, according to Federal Election Commission filings, he donated at least $2m to Make America Great Again Inc, a pro-Trump Super Pac.
In his announcement, Trump called Stephens’s company a “wonderful financial services firm” and praised Stephens for “selflessly giving back to his community as a philanthropist”.
A 2017 report by the Guardian revealed that Stephens held a 40% stake in a payday loan company, Integrity Advance, that the Consumer Finance Protection Bureau (CFPB) took action against in 2015 for allegedly employing predatory lending practices. The revelation was produced through the Paradise Papers reporting project, which investigated multinational companies’ use of tax havens to shelter their money.
According to the 2015 CFPB report, Integrity Advance allegedly misled loan recipients by obscuring the total cost of the loans and requiring borrowers to pay back loans through pre-authorized electronic transfers.
Reuters contributed reporting
