JPMorgan Chase Admits Closing Trump’s Accounts Post-Jan. 6 Attack
JPMorgan Chase has acknowledged for the first time that it closed the bank accounts of former President Donald Trump and several associated businesses following the events of January 6, 2021. This development marks a significant point in the legal struggle between Trump and the nation’s largest bank over the increasingly controversial issue known as “debanking.”
Background of the Case
The acknowledgment emerged in a court filing related to Trump’s lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. Trump is seeking $5 billion, claiming that the closure of his accounts was politically motivated, severely impacting his business operations.
In February 2021, the bank notified Trump and his companies, referred to under JPMorgan’s private and commercial banking services, that certain accounts would be terminated. The bank’s former chief administrative officer, Dan Wilkening, confirmed this in the court documents.
Legal Proceedings
Until now, JPMorgan had refrained from admitting in writing that it closed Trump’s accounts in the aftermath of the Capitol attack. Previously, the bank only spoke in hypothetical terms about account closures, citing privacy laws as a reason for its reticence.
Trump initially filed his lawsuit in Florida, where he currently resides, but JPMorgan is attempting to transfer the case to federal court in New York, where the accounts were based. The original allegations included claims of trade libel and violations of state and federal unfair trade practices.
Allegations Against JPMorgan Chase
- Trump asserts that he discussed the account closures directly with Jamie Dimon, who promised to investigate.
- The lawsuit claims that Dimon failed to follow up with Trump regarding the issue.
- Trump’s legal team accuses the bank of placing him and his businesses on a “blacklist,” preventing their ability to open accounts with other financial institutions.
In response, JPMorgan has stated that the allegations about the blacklist remain undefined by Trump’s lawyers. The bank’s representatives expressed their regret over the lawsuit but maintain that it lacks merit.
The Debanking Controversy
Debanking refers to the practice where financial institutions terminate accounts or refuse services based on a customer’s reputation. This once-rare practice has become a political hot topic, particularly among conservative circles. Critics argue that banks unjustly discriminate against certain individuals and businesses.
Trump’s legal representatives claim that the closure of his accounts represents a broader issue of political discrimination by financial institutions. They state, “JPMorgan Chase admitted to unlawfully and intentionally debanking President Trump, his family, and his businesses, causing overwhelming financial harm.”
Political Implications
Debanking gained national attention during the Obama administration, when some banks were accused of being pressured to withdraw services from gun stores and payday lenders. In recent years, Trump and other conservatives have alleged that banks are severing ties with them under the guise of “reputational risk,” particularly following the January 6 attack on the Capitol.
Since then, banking regulators have taken steps to prevent institutions from using “reputational risk” as justification for denying service to customers.
This lawsuit is not the first of its kind for Trump. In 2025, the Trump Organization filed a lawsuit against Capital One, also alleging wrongful account termination. This case remains ongoing as well.
