JPMorgan Admits Closing Trump's Accounts After Capitol Attack

JPMorgan Chase has acknowledged for the first time that it closed the bank accounts of President Donald Trump and several of his businesses in February 2021, following the January 6, 2021, attack on the U.S. Capitol. This admission was made in a recent court filing amid a $5 billion lawsuit filed by Trump against the bank and its CEO, Jamie Dimon, alleging that the closures were politically motivated and disrupted his business operations.

In the court filing, JPMorgan's former chief administrative officer, Dan Wilkening, stated, "In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan's CB and PB would be closed." The abbreviations "CB" and "PB" refer to the bank's commercial and private banking divisions, respectively.

Trump's lawsuit, initially filed in Florida state court, accuses JPMorgan of trade libel and alleges that Dimon violated Florida's Unfair and Deceptive Trade Practices Act. The suit also claims that the bank placed Trump and his companies on a reputational "blacklist," potentially hindering their ability to open accounts with other financial institutions in the future.

JPMorgan has previously stated that it believes the lawsuit lacks merit. A spokesperson for the bank commented, "We believe the suit has no merit. JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company."

The practice of "debanking," where financial institutions terminate or refuse services to clients, has become a contentious issue. Conservative figures, including Trump, argue that such actions are often politically motivated. Following the Capitol attack, several businesses and organizations distanced themselves from Trump, including law firms and the PGA of America, which withdrew a planned championship event from Trump's golf club in Bedminster, New Jersey.

This lawsuit is part of a broader pattern of legal actions by Trump against financial institutions. In 2025, the Trump Organization sued Capital One, alleging similar politically motivated account closures. That case remains ongoing.

The outcome of this lawsuit could have significant implications for the banking industry's practices regarding client relationships and the criteria used for terminating services.