JPMorgan Acknowledges Closing Trump's Accounts Post-January 6

JPMorgan Chase has, for the first time, acknowledged that it closed bank accounts associated with President Donald Trump and his businesses in the aftermath of the January 6, 2021, attack on the U.S. Capitol. This admission was made in a recent court filing amid an ongoing $5 billion lawsuit filed by Trump, who alleges the closures were politically motivated and disrupted his business operations.

In the court document, Dan Wilkening, JPMorgan's former chief administrative officer, stated, "In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan's CB and PB would be closed." Here, "CB" refers to the commercial bank and "PB" to the private bank divisions of JPMorgan.

Previously, JPMorgan had not confirmed the closure of Trump's accounts, citing bank privacy laws. The bank has expressed regret over the lawsuit but maintains that it has no merit. A spokesperson for JPMorgan stated, "We do close accounts because they create legal or regulatory risk for the company."

Trump's lawsuit, filed in Florida state court, accuses JPMorgan of trade libel and violating state and federal unfair and deceptive trade practices. The suit also alleges that JPMorgan placed Trump and his companies on a reputational "blacklist," potentially hindering future financial engagements. Trump's legal team contends that the bank's actions are indicative of a broader industry practice of "debanking" individuals based on political views.

This case highlights the contentious issue of "debanking," where financial institutions terminate services due to reputational concerns. The practice has gained political attention, with conservative figures alleging discrimination by banks against them and their affiliates.

In a related development, the Trump Organization filed a lawsuit against Capital One in March 2025, alleging similar politically motivated account closures. That case is still ongoing.