JPMorgan Acknowledges Closing Trump's Accounts Post-Jan. 6

JPMorgan Chase has confirmed it closed President Donald Trump's bank accounts and those of his businesses in February 2021, following the January 6 Capitol attack. This admission emerged in a recent court filing amid Trump's $5 billion lawsuit against the bank and CEO Jamie Dimon, alleging the closures were politically motivated and disrupted his business operations.

In the filing, former JPMorgan 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 refer to the bank's commercial and private banking divisions. Previously, JPMorgan had not publicly acknowledged these account closures.

Trump's lawsuit, initially filed in Florida, accuses JPMorgan of trade libel and claims the bank placed him on a reputational "blacklist," potentially hindering future banking relationships. The bank has denied these allegations, stating, "We believe the suit has no merit," and emphasizing that account closures are based on legal or regulatory risks, not political considerations.

The case highlights the contentious issue of "debanking," where financial institutions terminate services to clients, sometimes citing reputational risks. This practice has drawn criticism from conservative figures who view it as politically biased. Trump has also filed a similar lawsuit against Capital One, alleging comparable actions.